Wills, Trusts, & Estate Planning

An Estate Plan is comprised of documents usually including a Trust and/or a Will and Powers of Attorney. Working in concert, these documents generally are designed to accomplish the following objectives:

1. Provide for desired distribution of assets on death;
2. Minimize expense and time delay associated with distribution of assets on death, including minimizing Estate Taxes (for married couples);
3. Secure the future of a person's children;
4. Secure management of a person's assets and income for his or her benefit in case of future lack of capacity; and
5. Ensure management of a person's personal and medical care in case of future lack of capacity.

A Will or a properly funded Revocable Living Trust enables a person to provide for specific distributions of assets to desired beneficiaries on death. Without such a document, a person's assets will be distributed on death to his or her heirs at law as defined by law.

Many people desire to avoid a time-consuming, costly, and public Probate on death. (See Probate.) An Estate Plan, including a properly drafted and funded Revocable Living Trust, can satisfy such desire.

An Estate Plan also enables a parent to nominate a Guardian for his or her children in case of the parent's death or incapacity before the children become adults. Further, with a properly drafted and funded Revocable Living Trust, an Estate Plan can provide for continued management of the deceased or incapacitated parent's assets for the benefit of the children consistent with the parent's desires.

Finally, and perhaps most importantly but most often overlooked, an Estate Pan can secure the management of a person's assets, income, personal care, and medical care if he or she loses capacity to do so for himself or herself. Through an effective Estate Plan a person can do so by naming a trustworthy Trustee of a Trust and Agents of Durable Powers of Attorney to provide such management. Without an effective Estate Plan, a Conservatorship may become necessary if a person loses capacity to manage his or her finances and personal care. (See Conservatorship.)