Basic Estate Planning Menu

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This is a legal document that describes how you would like your property distributed at your death. It can be prepared as a stand alone document, or to "catch" any assets that aren't transferred to your revocable trust. Wills can be very simple or contain trust provisions within them. Assets that you own in your name alone that are passed on through your will require opening a probate estate and a court process to distribute.

A  revocable trust, or living trust, is considered a will substitute. While you are living, you can make changes at any time. It is identified by your social security number. Remember, once it's drafted there's nothing in it until you transfer assets in! Once the assets are in the trust they avoid probate at your death. The trust becomes irrevocable, your successor trustee takes over, the trust gets a new taxpayer id number, the courts aren't involved, and the process is streamlined.

Irrevocable trusts can be set up during life. They are used for a variety of reasons that include:  moving assets out of high net worth estate, creditor protection, or tax benefits. They can be funded with a variety of assets. These include, but are not limited to: Qualified Personal Residence Trusts (QPRT's), Irrevocable Life Insurance Trusts (ILIT's), and Charitable Remainder Trusts. These aren't for everyone and the tax landscape is shifting quickly. The utility depends on your situation.

This documents designates an agent to act for you in the case of incapacity, but it can also be used for convenience if. It can be designed to take effect upon death or disabiility or immediately when signed.

This document designates someone to make medical decisions for you when you are not able to do so yourself. It can be used during a long incapacity, or it can be used to answer questions and make decisions while you are under anesthesia during a surgery, 

While your Health Care Power of Attorney confers general powers on your agent, this document is where you really think through decisions that you want made for you. Decisions about end of life care, organ donation, and more. It is meant to be a guide for your agent.