It is never too early to do estate planning. There are legal documents that everyone should have.
At Ellis Law, we apply a holistic approach to address your needs and goals. We take time to listen, understand, and help you create an estate plan which best fit your wishes and your needs.
Wills & Trusts
A will allows you to specify how you want your assets to be distributed after your death. A will can help avoid future conflict upon loved ones. Wills, when combined with trusts, can provide added protection for your assets.
A Revocable Living Trust can be a form of a will substitute. Revocable Living Trusts can be helpful to create if you are concerned about privacy or want to avoid probate. A Revocable Living Trust allows the creator of the trust to say whom they want their assets to go to and in what manner. After the Revocable Living Trust is created, all of the assets must be transferred to the trust’s name.
Durable Powers of Attorney
A durable power of attorney for finance appoints another person to act on your behalf to financially manage your assets in the event of incapacity. A durable power of attorney for health to authorize someone to make medical decisions for you in the event that you are unable to do so yourself.
It is crucial to name a someone you trust as your agent. The agent will make decisions for you in the event that you should become incapacitated. If someone does not have a durable power of attorney in place, then it may become necessary to get a court involved to appoint a legal guardian and/or conservator. Guardianship is an expensive process that involves a loss of rights for the Individual subject to the guardianship. Having durable powers of attorney in place and talking about them with your family can be gifts you make to them in allowing them to manage your assets and make it easier on them then going to court to appoint a guardian and/or conservator for you.
Advanced Health Care Directives
An advanced health care directive specifies treatment preferences and who can make medical decisions in the event of incapacity. Advanced health care directives allow persons who are coping with Alzheimer’s and Dementia to legally document their wishes for health care while they have the capacity to make those decisions.
Trusts
Trusts can also be used to protect privacy, for tax planning purposes and as an effective tool for transferring wealth to future generations. Special Needs Trusts can allow persons who are receiving government benefits to retain those benefits.
Time to Plan
Too often estate planning is postponed. If your estate planning documents need to be updated or you haven’t prepared any yet, it is important to begin or revisit your estate planning.
Contact us to schedule a Consultation! 425-296-6271
