What is an Estate Plan?

Estate Plans are Will and Trust documents prepared before you pass away to protect assets and loved ones. If you die without a Will or Trust in place then a court will make orders regarding your assets and guardianship of minor children, which is time consuming, costly, and complicated. 

Estate Plan documents primarily consist of:

Last Will & Testament: Used alone when assets are nominal, assigns special gifts, names guardian for minors, appoints executors, & is only effective after you die. Wills do not prevent Probate Court, but do direct a court to follow your instructions.
Will & Trust: For all homeowners and/or high value money/investment accounts. Trusts assign special gifts, name guardians for minors, & appoint Trustees. Trusts are effective both during your life & after & serves to prevent Probate Court, authorizing your Trustee to follow your wishes.
Deed Transfers: Assigns real property to Trust and serves to prevent Probate Court.
Advance Healthcare Directives (AHCD): Appoints agent(s) to manage medical needs when you cannot due to medical emergency/incapacitation during your life; only valid while living.
Power of Attorney (POA): Appoints agents to manage or help manage financial matters when you need assistance or otherwise cannot, and is only effective during your life.

Other Less Common Documents: Special Needs Trust; Asset Protection Trusts; Irrevocable Life Insurance Trusts (ILIT), Qualified Primary Residence Trust.