Estate Planning is a lot more than just preparing a Will or Trust. The typical estate plan includes a Will, but an effective estate planning package includes a Durable Power of Attorney, a Living Will Declaration and a Health Care Surrogate.
With appropriate planning, the entire estate may pass to the heirs or beneficiaries without probate or trust proceedings. Assets can be titled in a manner that will designate which beneficiaries will receive the assets in the event of death. Lady Byrd Deeds are utilized to transfer title to property upon death.
When the estate exceeds the amount that can be given away without incurring estate taxes, additional planning is required. When distributions to the desired beneficiaries are complicated, a Revocable Living Trust can be used to protect your beneficiaries. Additional Estate Planning documents can be important in the event of a second marriage later in life such as a Pre-Nuptial Agreement, to assure that each spouse’s assets go to the desired beneficiaries.
During your lifetime, in the event of incapacity, a Durable Power of Attorney or Revocable Living Trust will make a court guardianship unnecessary. Living Will Declarations let everyone know it is your desire not to be kept alive on machines if two doctors agree that there is no chance of recovery from a serious illness.
Contact us today to see how the Altman Law Office can assist you with your needs today. Thank you!