People die unexpectedly. People deteriorate gradually without it being notice. People don’t have plans in place to mitigate what happens in either of these situations. The horror of them can be mitigated. Part of the reason planning is not done is, generally, we can’t imagine being sick or dying.
An estate is any asset a person owns. Probate is necessary when any asset is only owned in the name of an individual without a beneficiary designation. A Trust will, when done correctly, keep assets out of Probate.
This can be done – through direct financial gifts indicated in a will or through pet trusts. That it can be done is helpful to pet owners who are concerned about what happens if they pass before their animals.
I appreciate the temptation to do this. As you’ll hear, it can go badly. Best to hire an attorney or at least have an attorney review what you created.
When people ask me this, I tell them I don’t handle this. My conversation would be ‘what has you want to do this’? Answering “it’s the principle of the thing” is valid. It’s a personal choice.
It’s expensive, there’s no promise of success, it’s emotionally draining. And, I can refer you to someone who does litigation.
Trustees have specific responsibilities – and it’s important to choose the right person. About speaking to an attorney – absolutely if you own anything and want to be sure it gets to the right person when you pass.
One of my favorite learnings from school was the phrase “it depends”. For me Trusts are when there are minor children, disabled children or adults, and people who might need government benefits. That being said, it still depends.
People talk about being too old…Not if you really want to do something.
Coaching was what I did before becoming a lawyer…it serves the legal practice and being an attorney was/is a walk of faith and a way to be of service.
It’s an interesting question I like to answer.
We have a unique perspective on estate planning that serves our clients well. We thoroughly review not just your assets and your wishes but your legacy. We ask the questions “What’s in the best interest of this family, how do we achieve those goals and what kind of legacy do you want to leave behind?” After answering these key questions, we help you determine the best course of action for your family going forward.
