Estate Planning

If you are aware enough to ask that question, then the answer is "now."

Any person can benefit from putting together powers of attorney and further estate plans. A person who does not have children or a partner can benefit from establishing powers of attorney and beneficiaries to make the management of their affairs clearer, easier, and more efficient. Of course, those who have children should put in extra effort to ensuring they have their estates in order for their children's benefit if they so desire. Anyone who owns title to real property; bank or financial accounts; insurance policies; desires to support family, friends, or charitable organizations; a person with special needs in their lives; shares or interests in a business; or any combination of the above is in a position to make a conversation about estate planning worthwhile. Parents of minor children are especially encouraged to speak with an estate planner to ensure their children will be properly cared for if something were to happen to those parents.

The list and the reasons are ongoing.

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There are limited scenarios to when a will or trust cannot be amended. Prominent examples of such scenarios are if you become debilitated and lack the mental capacity to understand or amend your documents. Another is when a trust is written as an irrevocable trust as opposed to the more widely used revocable living trust.

Otherwise, a will and a revocable living trust can be updated at any point during your lifetime. A person is not bound to keep everything the exact same in their life because they wrote out a will or a trust. Our needs are constantly evolving. In fact, it's best to review one's estate plan from time to time and make appropriate adjustments when necessary. Having your affairs in order every step of the way is the way to go.

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This is a complicated question that has a highly subjective answer. The current trend in estate planning has been toward setting up a trust. A properly set up trust ensures a smooth and seamless transition of one's assets in the event of their death because that trust operates outside of the often cumbersome probate process. Trusts also provide superb guidance on how to manage a person's affairs during the course of their lifetime if they were to ever become incapacitated. Still, even a trust estate plan needs a backup will (referred to as a "pourover will") to ensure everything is buttoned up.

Wills alone are still fitting solutions to many people's estate plans. They are cheaper and easier to set up, and they are absolutely essential when choosing the guardian of one's minor children to make sure those children are in the right hands if one should die before their children reach the age of majority.

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Regardless of whether you and your partner are married or if you may have nearly identical plans, you will each have separate estate plan documents. You will not share a joint will, power of attorney, or living will. If appropriate, you may have a joint trust, but that is determined on a case by case basis.

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The democratization of legal document drafting and access to legal services has been a laudable trend as of late. That's not to say it has served as an adequate replacement to the personal attention of a professional who is licensed in your jurisdiction and has spent considerable time honing what it takes to listen and respond to your needs, issues, and questions. An attorney will not simply send you an email with documents and dump it on you to figure out the applicable law and logistics of how to execute your documents (at least I certainly hope not!)

What I do is guide you through the maze, draft everything for you, coordinate execution, and construct your portfolio while providing you with personalized service throughout the process. Every client of mine receives digital copies of their documents along with a binder-portfolio that includes printed copies and originals. The portfolio also includes additional forms and directions tailored to each client's specific needs along with several sections to assist in centralizing one's life documents. I like to think I do all that at a competitive price point as well.

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I provide flat rate services for most will or trust estate plans and portfolios depending on the complexity of an individual's or couple's situation. I encourage individuals and couples to budget between $1,000 to $2,000 for a will-based plan. Trust-based plan budgets can range from $2,500 to $5,000 in the absence of planning for supplemental needs, tax planning, or other contingencies. Trust plans mostly include assistance with re-titling real estate and/or assigning business interests.

Every plan includes medical and financial powers of attorney, living wills (where applicable), and additional forms for clients to fill out on their own time. Each plan includes as many consultations as are necessary. I coordinate all signing ceremonies with witnesses and notaries to ensure your documents are validly executed. I assemble your plan, review it with you, create a portfolio containing the original documents and physical copies for your own methods of safe keeping. Additionally, I provide scanned copies of the signed documents for your ease of record-keeping and use.

Each person's situation is unique, and it is best to discuss pricing during a free consultation. Contact me today to discuss it further.

With me, you just need to set aside some time to talk. We can cover the topics of your personal information, familial information, assets, and everything else while we discuss how the law interacts with your major objectives. Said differently, you really just need to act on your curiosity. Estate planning is often placed on the back burner, and my aim is to make the process as accessible, informative, and painless possible.

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