While it may be the last thing you want to think about, estate planning is an important step you can take to protect the interests of your family. A well-prepared estate plan will help you ensure your wishes are carried out and your loved ones are taken care of once you’re gone. If you pass away without a plan in place, your family members may be left to sort out the mess in court. Our team of attorneys will be happy to assist you in drafting your Will, setting up a trust and assisting with Estate Planning as needed.
An instrument by which a person designates how they would like their real and personal property divided after they die. This document is used when the person has died. A Last Will & Testament allows the person who dies (Testator/Testatrix) to choose a person (Executor/Executrix) who will be responsible for carrying out their wishes in the Will. If a person dies without a will, the State will determine who will be responsible for the distribution of the deceased’s property and all other assets (Estate), which may or may not be what the deceased person intended.
An instrument by which a person directs his/her wishes regarding medical treatment and end-of-life care. This document is used when the person is still alive. It will be utilized when the person is unable to communicate these wishes themselves. This document covers how a patient would like to be cared for and whether or not they wish measures to be used to prolong their life. These life-prolonging measures include, but are not limited to, life support, resuscitation and other medical or non-medical procedures. This instrument also directs whether or not you would like your body and/or organs donated.
A will speaks after death and directs who receives your assets and who is in charge of your estate. A trust is a legal arrangement that can hold and manage assets during your lifetime and after, under instructions you set in advance. Many clients use both a will and a trust together—so the will handles anything left in their name and the trust manages specific assets over a longer period or for particular beneficiaries.
A living will does not deal with money or property. It records your wishes about medical treatment and end-of-life care if you cannot speak for yourself. In our conversations, we often look at your Last Will & Testament, your living will and any living will and trust questions together, so your medical and financial planning are pointing in the same direction.
Online tools can be a useful starting point, especially to learn vocabulary. In our experience, however, they rarely account for blended families, closely held businesses, or assets in multiple states. When we review trust and wills online documents, we often find gaps, contradictions, or execution issues. Meeting with an attorney for wills and trusts allows you to address those problems before they create disputes for your family.
We generally suggest a review after major life events—marriage, divorce, the birth of a child, the sale of a business, or a move to a new state—and then periodically, even if nothing dramatic has changed. During those reviews, we look at whether your will and trust still match your intentions, whether your decision-makers are still appropriate and whether any updates in tax or estate law mean your documents should be adjusted.
If you have reached the point where you are thinking about these issues, that is usually the right time to talk to someone, even if you are not sure exactly what you need. You can contact Somireddy Law Group to discuss your situation.
