Estate Planning Services Continued…
Wills.
A will provides specific instructions to your family and the probate court about settling your estate after your death. In your Will you appoint a Personal Representative (also known as the executor) to handle your affairs such as paying final bills and distributing your property to your beneficiaries. If you have minor children you will also want to name a guardian for their care as well as a trustee to manage any assets you leave to your children.
Trusts.
A trust is an agreement where the title of your property is transferred to a Trustee who administers it for your benefit or the benefit of someone else. A trust can also be established in your Will (known as a Testamentary Trust) to support the needs of minor children and children with special needs. Another type of trust known as a Revocable Living Trust can be an advantageous vehicle for managing your assets during life, in the event of incapacity, and at death.
Accidents and Illness.
A properly crafted estate plan not only addresses how property is distributed at death, but also protects you during your lifetime in the event of your disability or incapacitation. This planning includes naming the people you would like to make healthcare decisions for you and handle your financial affairs if you are unable to do so. Providing your loved ones with a clear explanation of your thoughts and wishes is a gift that only you can give to help them make decisions on your behalf. As a vital component of every estate plan, Danneil Law prepares Living Wills, Medical Durable Powers of Attorney, HIPAA Releases and General Durable Powers of Attorney.
Kids.
Minor Children
If you have children under the age of 18, you will want name someone to care for them if you are not able to do so. You will also want to appoint a trustee to manage the assets you leave behind for their care and education. If these protections are not in place, a judge will decide who is best to take care of your children and their assets would be held in a conservatorship and a court-appointed fiduciary would decide how to use those assets.
Kids with Special Needs
For parents of children with special needs, additional planning protections are needed to ensure that an inheritance isn’t lost to the public support systems in place for those children. A Special Needs Trust should be established to allow the child with special needs to continue obtaining government benefits while also receiving supplemental funds from the trust.
Young Adult Children
Your young adult children may be out of the house but they are on your mind. Once your children turn 18, they are adults in the eyes of the law and you no longer have inherent rights related to medical and financial details about your child. As a result, if your child is in an accident or experiences an unexpected illness, medical personnel may not give you details about your child’s condition or allow you access to make decisions on your child’s behalf. Once your child is 18, he or she should put into place three critical documents: Medical Durable Power of Attorney; HIPAA Authorization and Release; and General Durable Power of Attorney.
If you are feeling nervous or overwhelmed about your child being out from under your care, while being on their own or if you would like to rest assured knowing that you’d be notified immediately if your child had a medical emergency, then the Wise Birds Workshop is a great place to start. Help your child to avoid conflicts, headaches and expensive legal costs, by assisting them putting in place the necessary legal documents.
Adult Children
Although you may not be worried about guardianship any longer, you may have other concerns for your adult child such as financial immaturity, divorce, creditors, bankruptcy, substance abuse, and jail time. In all of these scenarios, careful consideration should be given to how your children should receive an inheritance, whether outright or held in trust for their lives or distributed at ages and stages.
Blended Families.
You and your spouse may have children from previous relationships as well as children together. You may each have property and other assets you’ve brought to the relationship. You probably want to provide for your spouse’s needs when you pass away while ensuring that your property ultimately will go to your children. Providing for everyone you love can be tricky, and you’ll need a detailed estate plan that fits you and your situation to make sure what you want to happen will actually happen.
Probate and Trust Administration.
At death, a person's estate (which may include real estate, personal property, investments, bank accounts, vehicles, etc.) must be distributed to the person's heirs or beneficiaries. The process of managing and distributing the estate is referred to as estate administration or trust administration depending on the deceased’s person’s estate plan. Danneil Law offers estate and trust administration services to personal representatives, trustees and beneficiaries. These services include filing the necessary documents to begin the administration process and legal counsel relating to gathering and inventorying the deceased person's assets, paying outstanding debts and taxes, distributing estate assets to beneficiaries, and properly closing the estate.
