Wills and Trusts

Estate planning is the process of preparing for the transfer of your assets
upon your death and deciding who should make financial and medical
decisions on your behalf in the event you are unable to make decisions for
yourself due to incapacity.

Every adult needs some form of estate planning. If you want your estate
distributed according to your wishes after your death, wonder how your
financial affairs will be managed if you become incapacitated, want to plan
distributions for the benefit of your descendants, you want to alleviate the
burden on surviving family members, or want to appoint persons to make
medical decisions on your behalf if you become incapacitated, estate
planning is for you.

Our templates are designed for those with straightforward estate planning goals. It is not ideal for those with potential estate tax issues ($7 million + in assets), those with complex financial situations, complex family structures or blended families or those with unique needs.

Yes, the document templates were attorneys created based on state laws. You’ll receive instructions for printing, signing, and notarizing the documents to finalize your estate plan.

The estate plan templates include a Will or Revocable Trust, Financial Power of Attorney, Medical Power of Attorney, Advance Directive/Living Will, HIPAA Authorization, Declaration of Appointment of Guardian, and Appointment of Agent to Control Disposition of Remains.

Last Will and Testament – This document defines how your estate will be distributed (who inherits what) and appoints the person who will handle your final affairs as your Executor (sometimes referred to as your “Personal Representative”). When you create a will, you can also nominate guardians for your children, dependents, or pets.

General Durable (Financial) Power of Attorney – This document allows your named agent(s) the authority to make financial, property, and investment decisions in the event you become incapacitated.

Medical Power of Attorney – This document gives your named agent(s) the authority to make health care decisions in accordance with your wishes in the event you are unable to make decisions for yourself.

HIPAA Authorization – This document gives authorization for your physician or medical entity to disclose your health information to your designated representative.

Living Will / Advanced Directive for Physicians – This document communicates your decisions about end-of-life care.

Declaration of Appointment of Guardian – This document designates the person(s) you would like to serve as your guardian in the event you need a guardian to manage your affairs during your lifetime.

Appointment of Agent to Control Disposition of Remains – This document appoints your agent to control and make decisions regarding your bodily remains.

Revocable Trust – This document names who will continue on as successor Trustee of your estate when you are no longer able and provides guidance and direction for how and to whom your assets and personal property will be held or distributed.

Pour-over Will – This document works in conjunction with a Revocable Trust. “Pour-over” provides that any assets not arranged for with the Trust are to be moved into the Trust for the purposes of managing your estate.

Certificate of Trust – This document is a summary of the provisions in your trust to provide to financial institutions (banking, brokerage/investment, etc.), title companies, etc. when moving assets in or out of your Trust or when naming your Trust as a beneficiary on an account.

Wills go into effect when you pass away. It is an easier way of distributing your assets to the beneficiaries via a probate process. While revocable trusts are effective immediately after signing and funding the trust, they are more complex than Wills. Similar to a Will it provides for the distribution of your assets held in trust to the beneficiaries and to you as the creator of the trust in the event you become incapacitated. With a Revocable Trust, a Pour Over Will is included which works in tandem with your Revocable Trust to cover any assets held outside of your trust. It directs any assets that are not already in the trust to be transferred into the trust upon your death. It is important to note with Wills and Revocable Trusts, one is not “better” than the other as it greatly depends on your individual needs and goals.

Naming the person or persons who will inherit the balance of an account upon your (the account owner’s) death. The most common assets you may have designated persons to inherit upon your death are life insurance policies, annuities and retirement accounts. It is important to review these designations periodically to ensure that they align with your goals.

Probate is the legal process of administering your estate after you pass away. This process involves identifying and valuing your assets, paying any outstanding debts and distributing the remaining assets to the heirs.

Yes, there are certain estate planning strategies that can help you avoid probate, such as creating a revocable living trust, designating beneficiaries for your assets and establishing joint ownership of property.

Funding a revocable trust involves transferring ownership or title of your assets from your individual name to the trust. To do this, contact the respective financial institutions, title companies, etc. and complete the necessary paperwork provided by the entity. They may ask for a copy of your signed trust certificate. Funding your trust is a very important step in establishing your trust. If you do not change title/ownership of your assets to your revocable trust, you will not avoid probate.

Whether you own the property or have a mortgage, you can transfer your
primary residence/homestead to your revocable trust. If you have a mortgage, you will need to notify your mortgage company as there may be additional requirements such as documentation needed. You will also want to check if your mortgage has a due-on-sale clause. It is recommended that you obtain written documentation from the mortgage company that such transfer does not violate the clause or any other terms of the mortgage.

There are a few disadvantages to a revocable trust as there is no asset
protection from creditors. Creditors have a right to collect any debts that
are owed. There is no tax advantage of creating revocable trust as it is a
pass-through entity, meaning income, expenses, credits and deductions
pass to the grantor (person who created the trust) on their individual
income tax return. In addition, whenever a major life event occurs such as
birth of a child, marriage or divorce, you should update your documents,
this will result in additional costs. Lastly, retitling of assets to the trust takes time on your end as you will need to contact the institutions or
custodians of accounts, title companies, etc. As you continue to add
assets to your estate it is recommended you title those in the name of the
trust.

A revocable trust can be changed or revoked by the person who created it as long as they are competent, while an irrevocable trust usually cannot be changed or revoked except in very limited circumstances and with court permission along with approval of all beneficiaries.

Yes, everyone can benefit from having an estate plan, regardless of the size of their estate. An estate plan can ensure that your assets are distributed according to your wishes and can also provide for your care in the event that you become incapacitated.

Yes, you can make changes to your estate plan at any time. It is important to keep your estate plan up to date with any changes in your life circumstances, such as the acquisition of new assets, the birth of children, or changes in your health. Please note, making changes to your estate plan with us carries the same cost as initiating a new estate plan and will result in the creation of new plan documents which require new signatures.

After downloading your forms, follow the instructions to execute/finalize the documents in your package. Sign and notarize the forms and store the originals in a safe location (a safe deposit box or secure location at home) and make copies. We recommend that you provide your agent copies of your medical power of attorney and living will/advance directive in case of emergency. If you have created a revocable trust, we recommend that you make extra copies of the trust certificate as you will need to provide financial institutions, title companies, etc. this document for trust funding purposes.

Estate planning documents provide directives to the trusted persons you have named as your agent, executor, trustee, etc. By discussing your estate plan, you may eliminate confusion as to your plans and how you want things handled on your behalf, which in turn may provide peace of mind for you and those persons you have named to carry out your wishes. While your estate plan is confidential, it is important to notify the agents/individuals tasked with acting on your behalf. This list could include your accountant, lawyer, trustees, executors, anyone who holds
medical/durable power of attorney on your behalf and potentially your
beneficiaries.

If you die without an estate plan, your assets will be distributed according to the laws of your state (intestate), which may not align with your wishes. This can result in your assets going to unintended beneficiaries and can also lead to disputes among family members.