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Estate Planning FAQ

Frequently Asked Questions

Estate planning comes with a lot of unknowns. There are many different options to create an estate plan. Each person is different, so it can be difficult to determine what you specifically need.

Here are some commonly asked questions:

Q:

What is Estate Planning?

A:

It is the creation of a definite written plan for managing your assets, whether great or small, during your life and for distributing your assets after your death in the most certain and economical way possible.

Q:

What is an Estate?

A:

It is everything that you own that has value, including real property, business interests, investments, insurance proceeds, and personal property, including your personal effects.

Q:

When should I consult a lawyer?

A:

There is never a better time to get started with your estate plan. Young professionals, new families and retired individuals all have need for an estate plan. I will help you include the most important elements based on your age, family situation, career and other factors.

Q:

Should I go with a trust or a will?

A:

A trust is a more flexible document, and it allows you easier control of the transfer of assets, addition or deletion or change of beneficiaries or change of other amendments while you are alive. A will is more difficult than a trust to amend. Wills and probate will also transfer title at death, but trusts do so more easily and privately. I will work with you to determine which is right for you.

Q:

I don’t have a lot of assets. Do I still need an estate plan?

A:

Yes! Your car, personal property, house and bank account are things that need to be accounted for in an estate plan. What’s more, things like health care directives, power of attorney and guardianship should be considered as soon as possible. It is important that everyone have an estate plan.

Q:

Is estate planning expensive?

A:

Do-it-yourself and internet wills and trusts may seem like the right choice because they are inexpensive, but the one-size-fits-all nature of them can be woefully inadequate. Estate planning, trusts, and wills are very personal, and individually crafted documents that are done right are far more satisfactory in every respect. Remember, estate plans are legally binding, and will save your loved ones the confusion and conflict that will certainly come without an estate plan. That is worth paying a reasonable fee to get the personalized, comprehensive estate plan you and your family need.