Who Needs an Estate Plan
Estate planning to avoid probate
Many people die without a proper estate plan in place. That can mean lots of headaches for loved ones left behind. It may mean that an inheritance is significantly diminished due to probate fees, and it may mean that one's preferred choice of beneficiaries receive little or nothing because they were not included in legally enforceable documents.
A great deal of Sara's work is related to creating the proper documents to spell out a client's wishes as to who will inherit the client's assets and who will manage the client's personal and financial affairs in the event of incapacity.
A typical estate plan includes a trust to avoid probate, a back-up will, a durable power of attorney for financial management, and an advance health care directive.
Estate plans are not just for the wealthy
A common misunderstanding is that people don't think they need an estate plan because they're not wealthy. This perception is a misperception. You don't have to have an "estate" complete with tennis courts and a hot tub: everyone needs to make basic arrangements for who will inherit their "stuff" and who will take care of them should the need arise.
An "estate" includes everything from your home to your savings and retirement accounts, to the box of coins you may be keeping under your bed. There are a variety of ways to make sure that all these things end up in the right hands after one's death.
Once one has an estate plan in place, it is important to update the plan when significant events occur, such as a new marriage, a new child, the death of a named executor/trustee, a major change in one's financial status, or the death of a spouse.
Post-Mortem Administration
After a loved one has died, there are inevitable tasks to administer the deceased person's estate. It may be as simple as making sure that all assets are now in the surviving spouse's name. It might involve carrying out the terms of a trust the decedent made some time ago. If there was no estate plan, or there was an inadequate one, a full-blown probate proceeding in the local court may be required.
Much of Sara's work includes helping clients sort out what kinds of procedures are necessary after a loved one has died.
Schedule an appointment with Sara to develop a proper estate plan. Being proactive assures that your property will be divided among your loved ones as per your wishes.