Estate planning deals with planning for the future and the inevitability of death,
such as preparing wills, trusts, and other documents governing your assets and specifying
your wishes. Estate planning also consists of assisting clients with wealth management
issues as well as asset protection.
Probate: Probate lawyers deal with the legal process during which the will
is validated; the assets of the deceased are inventoried; and all debts, creditor
claims (including applicable lawsuits) and taxes are paid.
Wills and Trusts: A will is a written document that outlines
how your property will be distributed upon your death, who will care for your children
(if you have any), and can provide any special instructions you’d like to make about
your affairs. A trust is a legal entity that owns assets for the benefit
of a third person or persons (beneficiary). The grantor of the trust is the person
who sets up and funds the Trust. The trustee is the person charged with the safekeeping
and administration of the trust.
Living Wills: Living wills allow you to express your preferences regarding
your medical treatment, should you become unable to communicate your wishes due
to illness or permanent unconsciousness. They also allow you to designate a person
who can make end-of-life care decisions on your behalf.
Guardianship: If your children are young, you've probably thought about whom
would raise them if for some reason you or another parent couldn't. It's not an
easy thing to consider, but with a simple appointment of a guardian in your will,
you can feel sure that, in the extremely unfortunate event you can't raise your
kids; they will be well cared for.