Setting Up a Comprehensive Estate Plan
Creating a comprehensive estate plan for your family is an important project to undertake. Your wishes for passing your estate to your family require precise planning. Start the process today with a complimentary consultation with one of our team members.
• A Revocable Living Trust
• A “Pour Over” Will
• Living Will
• Health Care Power of Attorney
• Mental Health Power of Attorney
• Durable Power of Attorney
• HIPAA Documents
• Schedule of Assets
• Personal Property Distribution
• Affidavit of Trust Existence*
• Quit Claim Deeds for Real Estate*
• Assignment of Personal Property
• Procedure at Death Instructions
*Recording fees additional charge
Your Comprehensive Estate Plan May Also Include…
Last Will and Testament
A Last Will and Testament is similar to a Trust document in only a few ways. Just like a Trustee is named in a Trust, the Testator in a Last Will and Testament nominates a Personal Representative to carry out the Testators wishes for distribution upon his/her death. The Personal Representative pays creditors of the Estate and files a final tax return. Just like a Trust describes the Grantor’s wishes for distribution of his/her estate, the Testator in a Last Will and Testament describes his/her wishes for distribution of his/her estate.
So what is the difference? A Last Will and Testament gets filed with the Probate court when the Testator dies and the Probate process is started by appointing the Personal Representative that the Testator nominated in his/her Will.
The Trustee in a Trust assumes their role as Successor Trustee effective upon the death of the Grantor with no Court appointment.
So why would someone choose a Last Will and Testament over a Revocable Trust? Answer: personal choice. Many of my clients are indifferent about going through Probate and choose to prepare a Last Will and Testament.
Without a Last Will and Testament however, the Court will appoint any person who qualifies by statute to be appointed as Personal Representative if a Last Will and Testament was not prepared and a probate proceeding is required.
A Last Will and Testament at minimum will give the Testator a little bit more control over who should be appointed to handle the distribution of his/her estate.
It’s important tho have everything planned and in place, that is why it’s so important to work with a company who specializes in comprehensive estate plan implementation.
Need help or have a question about a comprehensive estate plan?
Give us a call at 623-561-2323 to start planning today!
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