Frequently Asked Questions About Estate Planning

Your Last Will is a legal document through which you distribute some of your assets upon death. Other assets will be distributed not based on your Last Will but on your beneficiary designations, depending on the situation. Over two-thirds of the U.S. adult population does not have a last will, and for those who do, most Last Wills do not fully cover their situation. Upon death, the only way to make a Last Will valid is to file it in the probate court, a public and normally lengthy process that delays your family access to what you have left behind.

Think of a Trust as a “Will substitute.” What we mean is that just as a Last Will distributes your assets upon death, a Revocable Living Trust does the same. The upside of a Trust over a Will is that a Trust does not need to be filed with the probate court to be effective. As a result, a Trust remains a private document pertaining to your private affairs. There are additional types of trusts as well that serve different purposes, and each family’s unique situation must be taken into account to design the right overall estate plan, which may include one or more Trusts.

Not at all. An estate plan will protect your assets now and for your future beneficiaries no matter how much money you have. It is for anyone who has any assets and/or any dependents. There are many benefits of estate planning that are not connected to what tax bracket you fall in. In addition, we believe estate planning is not just about transferring your financial assets and personal belongings. It is equally about capturing and transferring your valuable intangible gifts: your values, insights, stories, and experiences. 

Your estate plan works no matter where in the U.S. you might physically be or might move to, but there can be differences from state to state. This said, we absolutely recommend having your out-of-state plan reviewed by another attorney to help you ensure you make any necessary updates based on differences in state law. We are happy to assist with this process.

No, a Last Will is limited in how it can protect your children. First, a Last Will is effective only once you pass away and once the document is filed with and accepted by the probate court, but you may have a need long before the moment you pass away to have a guardian for your children. Second, appointing who would raise your children is one thing, while appointing short-term temporary guardians in case of a short-lived emergency is another thing. Your Child Safeguarding Plan will leave no stone uncovered or contingency unplanned for. You name both short-term and long-term guardians and ensure that everyone you trust has exactly the information they need on-hand at any moment to care for your children.

Yes, asset protection planning is effective when executed properly. It operates on the principle that any asset you own is vulnerable to creditors, while assets not in your name are safe from them. Essentially, asset protection planning separates the notion of owning an asset from controlling it. Through this planning, we assist you in legally distancing yourself from ownership while retaining control, enabling you to reap the economic benefits of the assets without exposing them to creditor claims. However, it’s important to note that our services do not include creating plans to evade existing or imminent creditors, as at that time this time of planning would be too late.