Frequently Asked Questions
1. What is estate planning?
Estate planning is the process of arranging for the management and disposal of your assets in the event of your incapacitation or death. It includes creating legal documents such as wills, trusts, powers of attorney, and healthcare directives to ensure your wishes are followed.
2. Why do I need an estate plan?
An estate plan provides clear instructions on how your assets should be distributed, helps minimize taxes and legal fees, and ensures your healthcare preferences are honored. It also prevents the courts from making decisions about your estate, which will lead to unnecessary costs and unwanted outcomes.
3. Do I need an estate plan if I don’t have a lot of assets?
Yes, estate planning is important regardless of the size of your estate. It helps ensure that your assets, no matter how modest, are distributed according to your wishes and that your loved ones are protected.
4. What documents are included in an estate plan portfolio?
An estate plan portfolio typically includes a Will and Testament, one or more Trusts, a durable Power of Attorney, a healthcare directive, and a description of a guardian.
5. How often should I update my estate plan?
You should review and update your estate plan every 3-5 years, or whenever you experience major life changes such as marriage, divorce, the birth of a child, or significant changes in your financial situation.
6. What happens if I die without an estate plan?
If you die without an estate plan, your assets will be distributed by a court according to state intestacy laws, which may not align with your wishes. This will also lead to higher legal fees and a longer, more complicated probate process.
7. How much does estate planning cost?
The cost of estate planning varies depending on the complexity of your situation and the specific services you need. We offer a range of packages and can provide a quote after an initial consultation.
8. Can I create my own estate plan without a lawyer?
While it is possible to create your own estate plan using online resources, working with an experienced estate planning attorney ensures that your documents are legally correct and tailored to your unique needs and circumstances. Estate documents require specific compliance with state formalities.
9. What is probate and how can it be avoided?
Probate is the legal process of administering a deceased person’s estate. It can be time-consuming and expensive. By setting up trusts and designating beneficiaries, you can avoid probate and ensure a smoother and cost effective transfer of assets to your heirs.
10. How can I get started with estate planning?
Getting started is easy. Contact our office to schedule a free consultation. We will discuss your needs, answer your questions, and guide you through the process of creating a comprehensive estate plan.