Estate and Legacy Planning
Your estate and legacy plan will be drafted with your personal goals in mind; each family’s situation and needs are unique. Your plan will reflect your current life circumstances and near term goals, as well as longer term goals and potential unforeseen events. You can make changes to most documents throughout your life to adapt to such things as evolving relationships and finances.
Most estate and legacy plans include a set of health care advance directives, a durable general financial power of attorney, a will and a revocable trust.
Some plans include additional documents relevant to the specific needs of each client.
Health Care Advance Directives allow you to appoint an agent to make medical decisions on your behalf if you are not able to do so yourself, to authorize specific instructions regarding end of life care, to nominate a Guardian if needed, and to specify your preferences regarding final arrangements.
A Durable General Financial Power of Attorney gives authority to your named agent to do such things as making financial decisions, applying for benefits, paying bills, and signing tax returns on your behalf.
A Will nominates a Guardian for minor children, designates how assets will be distributed after your death to your chosen beneficiaries and designates your choice of executor to administer the estate. Without a Will, the court will determine who will raise your children and who will administer the estate, and state law will dictate who receives your assets.
A Revocable Trust allows you to maintain control of your assets while planning for possible future incapacity. It is most often used to avoid the probate process, saving your family a great deal of time as well as expense. You can decide the age(s) at which your beneficiaries will receive their shares, which can be protected from creditors and future ex-spouses. Trusts can also address specific concerns in second or subsequent marriages and address issues with certain beneficiaries such as addiction, mental illness, gambling, or overspending. Some trusts are also used to reduce or eliminate federal estate taxes and others hold assets for a disabled beneficiary while protecting public assistance benefits.
Probate
The probate process can be complex and overwhelming for family members, particularly while grieving the loss of a loved one.
Loftus Law Offices, PLLC explains the steps involved in the probate process and assists executors and administrators with their designated fiduciary duties.
