When most people hear the term “estate plan,” they envision a document, such as a will, that describes how an individual wishes to distribute their personal, financial, and real property upon their death. While estate plans do serve to manage property distribution upon one’s passing, estate plans are incredibly versatile documents that can be used to accomplish a wide variety of goals. In fact, many of the Firm’s clients choose to set up revocable living trusts—an estate plan option that not only includes instructions for distribution of assets upon an individual's passing, but also involves management of the person’s assets during their lifetime and provides opportunities for tax savings, business management, and streamlined asset transfers. Other clients opt to set up their estate plans in a manner that specifically provides for the care of special needs relatives, includes instructions to physicians in case of incapacitation, names guardians for children, sets up a trust for the caretaking of pets, includes instructions for their burial, helps plan for maintenance of privately-owned businesses, and/or meets their other specific wishes.
Although there are numerous options when it comes to choosing an estate plan, some of the more common options and estate plan documents include the following:
- Traditional Wills
- Pour-Over Wills
- Self-Proving Affidavits
- Financial Power of Attorneys
- Medical Power of Attorneys
- Revocable Living Trusts
- Irrevocable Trusts
- Special Needs Trusts
- Advance Directives to Physician/Living Wills
- Declarations of Guardianship
Additionally, many of the above options can be combined in a package and/or modified to achieve a client’s specific goals and needs.
At the Law Office of Nicholas J. Vail, PLLC, I understand that planning for the future can be a difficult and confusing prospect. I help clients understand their options when it comes to choosing an estate plan structure that meets their specific needs in a manner that is both cost effective and efficient. If you would like to learn more, contact me today to set up a free consultation.