ESTATE PLANNING
Estate Planning is a process to draft documents to take care of your person and your “stuff” should you become incapacitated or die. There are four parts – Wills and/or Trusts, Powers of Attorney for Healthcare and Property.
Wills – Anyone with assets they wish to leave for a particular person at their death or has minor children should have a Will to designate guardianship. A will should be tailored to each individual, as each person’s situation is different.
Trusts – Not everyone needs a trust. The most common reasons to have a trust are to maintain privacy, to deal with real property in other jurisdictions, and to avoid probate. A trust should be considered when multiple assets are involved, such as a residence in Illinois and a vacation home in Florida.
Power of Attorney for Property – This document designates an agent to act in your stead for financial issues should you become incapacitated. This allows the agent to gain access to bank accounts and write checks to pay bills.
Power of Attorney for Health Care – This document designates an agent to act in your stead for medical issues and decisions when a person is incapable of making such decisions. This document includes life support wishes that previously were handled in a separate document called a Living Will. It also gives the designated agent access to medical records.
In addition, for the proper situation, there is a Transfer on Death Instrument (TODI) that puts a beneficiary onto residential property.
ESTATE ADMINISTRATION
Estate Administration is the process that one goes through after a person dies to transfer assets to heirs. This may include opening a Probate Estate and all the paperwork that that includes. For assets under $100,000 it may be possible to draft a Small Estate Affidavit.
My practice is unique in that I travel to people’s homes rather than them having to travel to me. As I do not have to maintain office space, I am able to transfer the savings to my clients. My clients appreciate the personal touch and accessibility. Many of my clients refer other people to me.
NOTARY SERVICES
FREE ESTATE PLANNING SEMINARS
