Wills, Trusts, & Estates Planning
Planning your life and creating legacy/wealth for your family.
Life and Legacy Planning
Anyone with assets (large or small) and loved ones should setup an Estate Plan. Estate Planning is the planning and creation of your life and legacy. It is the time you take now, while you are capable to make important decisions, to sit down with your estate planning attorney and financial advisor to plan your wealth and how you want your assets (real or personal) to be distributed upon your death. A complete estate plan will take into consideration your assets, retirement plan, life insurance policies, investment accounts, and legal documents. Your legal documents should include your last will and testament, living will, power of attorney for financial and healthcare, and trust, if applicable. The goal is to make sure your wealth is secured while you are living and your loved ones or favorite charities are taken care of upon your death. Now is the time to plan so that you can relax tomorrow, knowing that your loved ones are financially secured for generation to come.
Last Will and Testament
A will is a legal document that contains instructions on how to take care of your affairs and distribute your property (real and personal) upon your death. Mainly, your will allows you to have a final say as to who gets your property upon your death. Your will only takes effect upon your death.
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If you die without a valid will, you would have died intestate and your estate would be administered according to the intestacy succession laws of your state. On the other hand, if you have a valid will in place before you die, you are known as a testator and your estate would be administered according to your valid will, which spells out your wishes. Dying without a valid will can cause major issues and be costly for your loved ones.
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A valid will is one which is clearly written and complies with certain basic formalities of your state statute of wills. In DC & MD, your will must be signed by you, the testator (person who owns the written will), and attested by two witnesses. Also note that not all property pass through your will. You can pass property via a trust or other non-probate transfer instruments. Upon your death, your will is presented to the court and is checked for its validity through a process called probate.
Planning Care for Your Minor Child(ren)
If you are the parent or guardian of a minor child, it is always wise to plan for the care of your minor child in the event of your incapacity, debilitation, or death. One way to plan for your child's future care, without terminating parental or legal rights, is to use a Standby Guardianship. This legal document allows you to name another adult to act as a standby guardian if something happens to you. If you are an immigrant with a minor child, this document will be desirable in the event you are faced with adverse immigration action, such as detention of deportation.
Trust
Trusts are not only for the wealthy. Anyone, with assets and a wish to create financial security for themselves and their loved ones, can create a trust. A trust allows you to plan, control, and secure your and your loved ones financial future. Most clients create a trust to control their assets during their lifetime and create a shelter for future protection and control of their assets for the benefit of their loved ones. Unlike a will, assets in a trust do not go through probate. This means, the property under your trust is protected from public view. Thus, a trust is a great legal instrument to use if you do not want your property to go through probate and be in the view of the public. It is also a great legal instrument to use to ensure your wishes are protected and executed for generation to come. A trust also allows you to minimize your estate taxes. There are different type of trusts you can create, depending on your assets and what you want to achieve via the trust. For example, you may create a living trust (inter vivos trust) for your personal benefit, an educational trust to support your grandchild's education, a qualify (QTIP) trust your surviving spouse, or a spendthrift trust to protect the future of a child who is unwise with money.
We will help you plan and protect your wealth.
Planning how you want your assets to be distributed to your loved ones is the key to wealth creation and management.
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With our knowledge of Wills, Trusts and Estates planning we can ensure that you have all the tools and support you need to plan your life and legacy.
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We will work with you one on one to understand your estate planning needs before we draft your estate documents. We will conduct a comprehensive review of your assets titling and beneficiary designations to create a more accurate view of your estate.
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Your personal and family needs are unique and thus deserves specialized attention.
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You worked hard for your assets/wealth and should protect it for generation to come, whether the wealth is left for your family, friends, or favorited charity.
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Let us help you plan and manage your life and legacy.
Power of Attorney (POA)
Power of Attorney is a legal document which you execute to give someone the authority to act on your behalf in the event you are unavailable or incapacitated. Unlike a will, this document is only effective when you are alive, which means it is void upon your death. The person you named to have authority is called your Attorney-in-Fact (Agent). You have the right to revoke the authority of your Agent at any time during your mental capacity.
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Durable Power of Attorney (DPOA)
A Durable Power of Attorney allows your Attorney-in-Fact to enter into and make financial/contractual decisions on your behalf. This is an effective legal instrument to use to manage your affairs during your lifetime. As the owner/principal, you get to list the type of transactions or financial decisions you authorize your Agent to enter into on your behalf. The list can be specific/selective or board. A DPOA, as the name suggests, lasts for the duration of your life, unless you change or revoke it. It can become effective immediately or upon your incapacity. Banks and other financial institutions will request a copy of your DPOA before giving access to your Agent. Your DPOA is ineffective upon your death.
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Health Care Power of Attorney/Advance Medical Directive
A Health Care Power of Attorney (HCPOA) is a legal document instructing the provision of your health care, or the withdrawal or withholding of your medical treatment. Your named Attorney-in-Fact will have the power to make health care decisions for you in the event you later become incapable of making or communicating those decisions. Health Care Power of Attorney is specific to health care decisions. It is ineffective upon your death. It is also known as a Medical Directive.