Estate planning: wills & trusts

Planning for the end of life or in the event of a disability is sometimes put off as we do not wish to recognize our own mortality.  The biggest mistake is failing to create a plan in the first place.  In addition, without an estate plan, you are failing to state who will be the guardian of your children or who will act for you if you become incapacitated.   It is necessary and important to make sure your intentions are documented in your personal estate plan.  A proper estate plan will memorialize how you wish for your assets to be distributed when you die, will address how your want your affairs handled in the event of a disability, and will appoint a guardian for your minor children. 

A properly drafted estate plan not only specifies what will happen to your assets when you die; it also plans for what happens if you become incapacitated. It is important to have documents, such as a power of attorney for property and a power of attorney forhealth care that appoint someone you trust to act on your behalf if you are unable to act or make decisions for yourself.

Depending on your financial situation or the needs of loved ones, you may benefit from a trust.  A trust is a fiduciary relationship that allows a third party or trustee to holds assets on behalf of the beneficiary or beneficiaries.  A trust is traditionally used for minimizing estate taxes; however, there are many benefits to a trust.  A trust may be able to pass outside of probate, saving court costs and time.  Because probate is public, a trust protects allows the situation to remain private.  A trust allows you to control and specify the terms of distribution.  Additionally, a revocable trust may be established so that the trust assets remain accessible to you during your lifetime.  There are many options with the creation of a trust that are dependent of the individual needs of the client. 

Laura A. Epstein & Associates, LLC creates custom estate plans for all types of situations, from simple to the most complex. Whether your assets are minimal or very substantial, each of our clients receives personalized attention from one of our knowledgeable attorneys experienced in estate planning.