Frequently Asked Questions

What Is Estate Planning?

Estate planning involves making arrangements during your lifetime for the management and distribution of your assets after your death according to your wishes. It may include drafting a will, creating a trust, choosing your personal representatives to act on your behalf in a variety of circumstances where you may not be present or able to make the decisions yourself, communicating with financial institutions managing your funds to designate beneficiaries etc.

Why Do I Need Estate Planning?

Estate planning is crucial because it allows you to dictate how your assets will be distributed upon your death, ensuring your wishes are followed. It also helps minimize taxes and legal complications for your loved ones, provides for minor children or incapacitated family members, and can include healthcare directives to manage medical decisions if you become unable to do so yourself.

Do I need a lawyer for estate planning?

While you can create basic estate planning documents yourself, consulting with an experienced estate planning attorney ensures your documents are legally sound, tailored to your specific needs, and compliant with state laws.

I am young, single, don't have any kids, and am not planning on having any, do I still need estate planning?

Even if you are young and childless, estate planning is still important. It allows you to specify who will inherit your assets, and ensures your wishes are followed in case of incapacity. Planning ahead can also minimize the burden on your loved ones during an already difficult time.

What is probate and should I avoid it?

Probate is the legal process of validating a will and distributing assets under court supervision. While it can be time-consuming and costly, proper estate planning, including trusts, can help minimize probate costs or entirely circumvent that process while still accomplishing your asset distribution goals.

What documents are typically included in an estate plan?

Common estate planning documents include a will, trust(s), powers of attorney (for finances and healthcare), and advance directives (such as a living will or healthcare directive).

What is the difference between a will and a trust?

A will takes effect upon your death and specifies how your assets should be distributed to beneficiaries. It goes through probate, which is a court-supervised process to authenticate the will and oversee asset distribution. In contrast, a trust can manage assets during your lifetime and after death, bypassing probate for those assets placed within the trust, offering potential benefits like privacy and avoiding certain legal costs. A trust also allows for more detailed and flexible instructions on how and when assets should be distributed to beneficiaries, which can be particularly advantageous for complex family situations or when providing for beneficiaries with special needs. Our experienced estate planning attorneys will guide you in selecting the most appropriate estate plan tailored to your unique circumstances and needs.

What happens if I die without a will (intestate)?

If you die intestate, state laws will determine how your assets are distributed, which very likely will not align with your wishes. It can also lead to delays and additional expenses for your heirs and loved ones.

What is a personal representative (executor)?

A personal representative (often referred to as an “executor”, or “independent executor” depending on state) is the person appointed in a will to manage the estate administration process, including distributing assets and settling debts. Different state jurisdictions use different terminology to refer to the person you choose to take care of your affairs and final wishes pursuant to your will after your passing.

How do I choose a guardian for my minor children?

You can designate a guardian for your minor children in your will or via a declaration of guardian. Consider someone who shares your values, is willing and able to take on the responsibility, and has a positive relationship with your children.

Will the person that I designate as the guardian of my minor children automatically become their guardian upon my death?

No, the person designated as the guardian of your minor children in your will or declaration of guardian must still be appointed by the court before they can become the legal guardian. The court will generally respect your choice unless there are compelling reasons not to do so, such as the designated guardian being unfit or unable to serve. The guardianship process typically takes several weeks to a few months after your passing, depending on the court's schedule and any potential challenges or complexities involved in the appointment.

What is a power of attorney and why do I need one?

A power of attorney (POA) grants someone (your agent) authority to make decisions on your behalf if you are not available or become incapacitated. It ensures your affairs are managed according to your wishes.

What is the difference between a statutory durable power of attorney and a medical power of attorney?

A statutory durable power of attorney grants someone (an agent) authority to handle financial and legal matters on your behalf, which remains effective even if you become incapacitated. A medical power of attorney (or healthcare power of attorney) authorizes someone to make medical decisions on your behalf if you are unable to communicate or make decisions for yourself.  You may choose the same person(s) for these positions or you may choose different individuals to perform different functions, depending on your circumstances. Our estate planning attorneys will guide you through the process of picking the best representative to act on your behalf when you are unable to do so.

When should I update my estate plan?

You should review your estate plan regularly and update it after major life events such as marriage, divorce, birth or adoption of children, significant changes in assets, or relocation to another state.

Can estate planning protect my assets from creditors?

No, the person designated as the guardian of your minor children in your will or declaration of guardian must still be appointed by the court before they can become the legal guardian. The court will generally respect your choice unless there are compelling reasons not to do so, such as the designated guardian being unfit or unable to serve. The guardianship process typically takes several weeks to a few months after your passing, depending on the court's schedule and any potential challenges or complexities involved in the appointment.Certain types of trusts and other estate planning tools can help protect assets from creditors. However, the effectiveness depends on various factors and should be discussed with an attorney.

What if I have assets in multiple states?

Estate planning should take into account the laws of each state where you own property. Coordination with an attorney can help ensure your plan is effective across jurisdictions.