A will is a legal document that provides how possessions, assets, accounts, securities, claims and other property in your name will be distributed after death. A properly drafted will can minimize estate administration expenses. The will may direct distribution of property to a spouse, to children, or to other heirs, after payment of legally enforceable debts, expenses and taxes. A pour over will may distribute property to a trust. A will may also appoint a family member, friend or institution as Executor, or personal representative, to carry out the terms of the will in accordance with the controlling law. A will may also designate a guardian for dependents.
Depending upon your family’s objectives and upon the financial structure and size of the estate, a trust may be appropriate to safeguard the value of inheritances and minimize taxation. A trust allows one individual to hold property for the benefit of another. There are many different types of trusts designed for wealth management, and trusts cover a variety of financial circumstances. Some estate planning avoids probate by passing assets outside of probate, often minimizing costs and retaining value. We assist you in determining and implementing an effective plan.
Families with aging parents may need to make arrangements for future healthcare and assign responsible parties to manage affairs. We offer legal services such as living wills, advance directives for healthcare, durable powers of attorney and other powers of attorney.
Each person’s estate and financial situation is unique, which is why it is vital to obtain an experienced estate planning attorney who will take the time to thoroughly review your assets and financial circumstances and arrive at an effective estate plan that suits your particular needs.
Lindsay Nickolls provides clients with legal assistance for family matters, prenuptial agreements, wills, trusts and other legal planning. To arrange a consultation to learn about revocable vs. irrevocable trusts, living wills, power of attorney regulations and other estate administration concerns, please contact our office by phone at 440-710-0988