Properly preparing your estate can put your family in a safe position upon your demise. We consult with clients to give them options for protecting their assets and providing for their heirs in the future. There are a number of components involved in estate planning, and working with an experienced attorney can ensure your requests are honored and your needs are met.
Differences in Estate Planning tools
We consult with clients on the formation and establishment of a will. This document is considered as your final wishes to make sure they are carried out. A will names someone as the executor of your estate, decides how debts will be paid and handled, can name guardians for your children, and work in conjunction with a living trust. A will must be created when you are of “sound mind” and it should name beneficiaries for your property. By law, you must have two witnesses sign the document to ensure its integrity.
A revocable trust helps you avoid probate and is a popular option to determine who will manage your estate once you pass. This is a living trust that is revocable because it can be changed at any time. They are created during your lifetime and can manage a host of affairs.
An irrevocable trust has terms and provisions that cannot be changed or terminated without the permission of the named beneficiary. Once the trust is established, the grantor removes all their rights to ownership of the property and assets in the trust. This helps escape paying estate taxes and provides protection against creditors, but the grantor loses all control over any asset placed in the trust.
Power of Attorney
A power of attorney is put in place for a number reasons. Most cases of power of attorney involve health care and financial decisions for someone who has become incapacitated and unable to care for themselves. This is also called a durable power of attorney. A power of attorney may also be used for legal documents or other business matters when the person is unable to fulfill their obligations.
Rutland Law can assist in all your estate planning needs, offering guidance and counsel to give you the information you need to make informed decisions. For more information on our estate planning services, call Rutland Law.