Definition of Estate Planning
I want to control my property while I am alive,
take care of myself and my loved ones if I become disabled, and
when I die I want to give what I have to whom I want, when I want
and the way I want, and if can, I want to avoid every last tax dollar,
legal fee, and court cost possible.
Frequently Asked Questions
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What is a Living Trust?
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You can put property into a living trust while you are still alive.
When you die, the property automatically goes to your heirs without
going through probate court, which can be very expensive and time
consuming. You can revoke or amend a living trust at any time if
you change your mind.
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What is a Living Will?
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A living will or health care power of attorney is a legally binding
document that dictates ones wish not to be kept alive by artificial
life support systems in the event of a terminal illness. By limiting
treatment, a living will sets limits on hospital bills which can
drain and even wipe out your assets so that there is little left
in your estate for your heirs.
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What is a Will?
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A will is a legal document that dictates how your property is to
be distributed after death. It may also designate guardians for
your children. In most cases, your will MUST pass through probate
court before your estate can be distributed to your heirs.
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Do I need all three?
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All three legal documents can work together to satisfy your various
legal needs. A living trust permits your financial assets to go
to your heirs without the time and expense of probate. A will is
used to cover all property not included in the living trust. (Without
a will the state will determine who gets your remaining assets.)
And a living will protects your assets from being drained by unnecessary
hospital bills.
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Do I need to see an Attorney?
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Although the law does not require the use of an attorney to draw
up these legal documents, if your affairs are complicated or you
are unsure, a consultation with a qualified attorney is recommended.
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