An estate planning attorney can assist individuals, couples and families plan for the distribution of their assets and the management of their affairs after they pass away or become incapacitated.
The estate planning attorneys at PATTON LAW can work with you on the following:
1. Wills and Trusts:
· Last Will and Testament: Your Last Will and Testament will state how your assets are to be distributed upon your death and who will be in charge of doing so. You can also name a Guardian to care for your minor children.
· Trust Agreements: Trusts are legal entities that hold and manage assets for the benefit of designated individuals. Attorneys can help set up various types of trusts to achieve specific goals, such as avoiding probate, providing for minor children, or minimizing tax liability.
2. Durable Power of Attorney and Healthcare Advance Directives:
· Durable Power of Attorney: Your Durable Power of Attorney will grant authority to another person to conduct various transactions on your behalf, including business, financial and real estate.
· Healthcare Advance Directive: Your Healthcare Advance Directive will grant authority to another person to: communicate with healthcare providers, insurance companies and others regarding your medical care, as well as make decisions regarding your medical treatment and care, including end of life decisions.
· You retain the right to act on your own behalf under a Durable Power of Attorney and a Healthcare Advance Directive. Further, you can name successors, in case the primary designee is unable or unwillingly to act on your behalf.
3. Funeral Planning Directive:
· Funeral Planning Directive: Your Funeral Planning Directive will grant authority to another person to follow through on your wishes regarding any celebration of life events and your final resting place. While it is always recommended to communicate your wishes to your loved ones in advance, this document can be tailored to your specific wishes including: memorial/religious services, burial/cremation/entombment, and contents on a memorial marker/headstone.
4. Guardianship and Conservatorship:
· Guardianship and Conservatorship matters: In cases involving minor children or adults who are unable to make decisions for themselves, estate planning attorneys can help you through the legal process of naming a guardian or conservator.
5. Asset Protection:
· Developing strategies to protect assets: Attorneys can assist in structuring an estate plan to safeguard assets from creditors, lawsuits, and other potential threats.
· Transfer on Death Deed: With a Transfer on Death Deed, you will still own the real estate, but upon your passing, the named heirs would become the owners. This avoids the time and financial cost of the probate of your estate.
6. Probate:
· Probate is the legal process through which a deceased person's estate is settled. Estate planning attorneys can help navigate the probate process, which involves validating the will, paying debts, and distributing assets to heirs.
Estate planning is a complex and personalized process, and an experienced estate planning attorney can provide tailored advice based on a client's unique circumstances and goals. It's important for individuals to regularly review and update their estate plans to reflect changes in their lives, such as marriage, divorce, births, deaths, selling or buying real estate, and/or changes in financial circumstances.
The attorneys at PATTON LAW look forward to assisting you in creating your estate plan.