It depends. We want to help you figure exactly what tools and strategies need to be used to accomplish your goals as cost-effectively as possible. We will tell you exactly what the flat fee will be before you are committed, and you will only hire us for the planning you want done.
Estate planning projects usually take about one month from start to finish. We can certainly make things happen more quickly, if needed.
We will send you some initial "homework" to help you get organized before our first meeting. With that said, if you have easy access to old estate planning documents, deeds to real estate, or business planning documents (like Operating Agreements or Bylaws), we might take a quick look at those, as well.
Yes! We plan for not only death, but disability, as well. Moreover, often the need for a good plan is even greater with fewer assets, because the expense of probate can be an even higher percentage of total assets when the probate estate is smaller. If you don’t have a lot of money, you DO NOT want your estate (or loved ones) paying for probate work.
No! First off, that’s a taxable gift. Second, if they get divorced, predecease you, or otherwise find themselves with creditor issues, YOUR money will be available to his/her creditors, divorcing spouse, etc.
There are three ways to avoid probate.
1. Die with zero assets.
2. Die with assets held in a trust.
3. Die with assets titled with legally enforceable / proper beneficiary designations.
A trust is simply an agreement that names a responsible party to manage your assets pursuant to your wishes for the benefit of your beneficiaries.
No! First, you cannot override her stated wishes. If she becomes ill and wants to invest in the latest scam, she can, and you cannot prevent her from doing so. Second, the power she’s delegated to you ceases at her death. The POA will be worthless immediately after her death.
No! Those programs are not state specific, and you need a state specific plan. Moreover, the documents are only as good as the answers you provide. We spend a tremendous amount of time working through the questions with our clients, because there is far more to consider that what first meets the eye.
It depends. However, as general matter, a judge will have to appoint a Guardian for your children. If you haven’t expressed your wishes in a legally enforceable Will, the judge will have no way of knowing where you’d like your kids to go. Though it can be a hard decision to make, NOBODY is as qualified as you to make this hard decision. Don’t leave it up to the judge.
To oversimplify it, a Will speaks on your behalf as of the moment you pass away. It names a Guardian for your minor children, and it tells the judge where you want your assets to go. It accomplishes nothing unless it is probated. Conversely, among many other things, a trust can be used to avoid probate all together, and it can allow for customized and strategic distributions of assets. We discuss this topic extensively in our initial estate planning meetings.
Yes. They are different responsibilities, and these personal representatives are named on separate documents.
Yes and no. Assuming “together” means “as joint tenants with rights of survivorship” and not “as tenants in common,” if one of you were to pass away, you would be able to avoid probate on that particular asset. If you were to both pass away, the house would have to go through probate. Moreover, if you haven’t done any other estate planning, the rest of your assets are likely not addressed properly, and there are many other things to consider.
Yes! Though the default rules might transfer the assets to your one child, the default rules require an expensive and long public process. Probate will cost thousands and take well over six months. A basic estate plan only costs a few hundred dollars, and it will take dramatically less time to put in place. Moreover, if you don’t formally appoint that one child to speak on your behalf regarding healthcare and financial matters, they won’t be able to care for you in the event of disability.
No. There are a number of legal formalities to be aware of, and there are a number of things to consider that aren’t self-evident.
Maybe. You should at least dust it off and see if it still sounds good to you. Most likely, at least something has changed. You can always give us a quick call and ask a couple questions! We’d be happy to discuss any questions you may have.
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