Founding Attorney
It’s important to have an estate plan so you can dictate what happens to your property after you die, provide financial support for your beneficiaries, designate someone to act on your behalf if you are ever incapacitated, and achieve other important objectives. Whether you are single and live on your own or you have a family, estate planning is essential to securing your legacy and protecting the ones you love.
Kallion Law Firm is ready to walk you through the process of creating a customized estate plan that meets your unique goals. It starts with understanding some of the most commonly used documents that should be part of your plan. We take a look at them here.
Last Will and Testament
Known simply as a will, your last will and testament dictates who inherits your real and personal property upon your death. But a will does much more than this. It identifies the executor (personal representative) of your estate who will be responsible for paying estate debts, facilitating probate, and distributing assets to your heirs. You can also name a guardian for your minor child and express your funeral and burial wishes.
Trusts
Many people incorrectly believe that trusts are reserved for the wealthy. But anyone can use a trust to provide for their loved ones. Trusts can reduce most of the succession process that most estates must undergo before assets are distributed. There are also tax savings and the ability to shield assets from creditors. You can even use trusts to provide structured asset distributions to loved ones whom you may not want to inherit your money all at once (for example, a spendthrift trust for someone who may have an addiction or money problems). Special needs trusts, meanwhile, can provide funding without negating a special needs child’s eligibility for public assistance like Medicaid.
Financial Mandate (Power of Attorney)
This important estate planning document allows someone to appoint another individual to make financial and legal decisions in the event they are incapacitated. This allows someone else to access your money, pay your bills and taxes, execute legal documents, and much more on your behalf. A power of attorney can go into effect right away or upon the occurrence of certain conditions. Without one of these documents, a guardian will need to be appointed to manage your personal and financial affairs if you become incapacitated. This is a long and complicated process.
Medical Mandate (Medical Power of Attorney) and Living Will
The medical mandate is akin to the financial mandate, but for healthcare matters. You can select someone to make medical and healthcare decisions on your behalf in a way that aligns with your values. On the other hand, a living will is used to state one’s preferences regarding end-of-life procedures, life support, and whether life-sustaining measures should be taken.
Business Succession Plan
If you own a family business, you need a succession plan to dictate what happens to the business if you die or become incapacitated. A business succession plan is like an estate plan for your company. It can name a leader or set of leaders who can step in your place if you are no longer able to lead the business. The plan can also provide a strategy for leadership transition and avoid internal power struggles that may disrupt the company’s profitability.
Talk To Us About Your Estate Plan Today
The above are only a few of the instruments you may need for your estate plan. There are potentially other ones depending on your exact set of circumstances. The best way to ensure that your plan is comprehensive is to meet with a knowledgeable estate planning attorney. Give Kallio Law Firm a call today.
