Estate Planning
Comprehensive and knowledgeable services for developing the most effective estate plan
Planning for your death is a task that often gets postponed due to the discomfort of thinking about death and getting overwhelmed by estate planning decisions. Everyone needs a proper estate plan to ensure that the assets they worked their entire lives to acquire are distributed to their desired beneficiaries and that the proper fiduciaries are appointed. Having a carefully crafted estate plan also helps avoid (1) the time and expense of the probate process; (2) headaches for the decedent’s loved ones in the administration of the estate; and (3) estate litigation. Even if you think that you have limited assets and your loved ones will not end up fighting in court, you never know what will happen after your death. Death of a loved one has a different impact on each person, which can lead to unanticipated disputes. In addition, if you are estranged from a child, sibling, or any other relative, you may want to prepare an estate plan to explicitly omit that individual and include language that will prevent them from obtaining a favorable result in court if they file a lawsuit.
An estate plan may be comprised of a will and/or trust, a general power of attorney, a health care power of attorney with an advance medical directive (also referred to as a “living will”), and various deeds depending on your assets such as a transfer on death deed or deeds to transfer your residence into your trust. The type of documents you need will depend on your financial assets, preferences, and budget.
The common types of estate planning documents are:
- Will: a legal document that outlines a person’s wishes regarding their property in the event of their death. This document may also include details about final arrangements, funeral services, appointing an executor, and appointing guardians for minor children.
- Trust: an agreement in which the creator of the document, known as the grantor or settlor, transfers property to a trustee who controls and manages the trust assets. Trusts may be used for incapacity planning and as a way to avoid guardianship and conservatorship proceedings. A trust may be revocable or irrevocable.
- Revocable Trust: A revocable trust, living trust, or revocable living trust are terms that refer to the same type of document. This type of trust can generally be modified, amended, terminated, or revoked at any time.
- Irrevocable Trust: An irrevocable trust cannot be modified, amended, terminated, or revoked without the permission of the grantor or settlor’s beneficiary or by a court order.
- Health Care Power of Attorney: a document that authorizes another person the power to make medical decisions for you if you are incapacitated or otherwise incapable of making the decision yourself. This document is also referred to as a medical power of attorney and usually contains an advance medical directive (also referred to as a “living will”).
- Advance Medical Directive/Living Will: outlines your wishes for end-of-life care such as whether you want artificial means of feeding or hydration, cardiopulmonary resuscitation (CPR), intubation, or pain medication.
- General Durable Power of Attorney: a document authorizing another person to act as an agent (also referred to as an “attorney-in-fact”) on your behalf for financial and legal matters such as the payment of bills, filing of taxes, and property management. Durable means that the power of attorney is still effective in the event of disability and/or incapacity of the principal.
Having a proper estate plan should be a priority and our firm can assist with drafting an estate plan that will meet your needs and protect your beneficiaries. It is important that you consult with an attorney to develop an estate plan tailored to your needs to ensure that your assets are properly distributed upon your death. Our firm can assist with the preparation of all the documents outlined above and provide legal advice about non-probate transfers.
Our firm has experience with the following estate planning matters:
Preparation of Wills/Trusts
Preparation of Advance Medical Directives/Living Wills
Funding trusts
Preparation of Transfer on Death Deeds
Preparation of Powers of Attorney
- General Durable Power of Attorney/Financial Power of Attorney
- Health Care Power of Attorney
Forming Limited Liability Companies
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Law Office of Linh H. Ly PLLC