Last Will and Testament, Revocable Trust, Living Will, and Durable Power of Attorney
Gathering Assets, Paying Debts, and Distributing Bequests
Ensure that your estate is handled the way you want. Minimize the burden on your loved ones. You worked hard for your assets during your life. Estate planning can help carry out your intentions to create the legacy you want.
At the Williams Law Firm, we want you to understand how your documents carry out your wishes for the benefit of your loved ones. We also make sure you not only have your documents in order, but we also can help you allocate your assets often to reduce the hassle and costs of probate.
First, we meet with you to review your wishes. Second, we send you the documents for your review. Third, you come in to sign the documents in triplicate. Finally, we can help you fund your Revocable Trust by reviewing your list of assets to determine whether beneficiary designations and ownership should be changed.
Continue reading below to discover the basic documents.
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Last Will and Testament, Revocable Trust, Living Will, and Durable Power of Attorney
Wills
Transfer assets to a Trust
Most people think estate plans start with a Will. A Will is a threshold legal document that outlines how you want your estate handled after your death. Usually a “simple Will” is not adequate for most people. The Will is filed with the Register of Wills to open a process called “probate.”
To the extent you have assets which are not in the name of your trust or other people through beneficiary designations your Will determines where those assets go. Usually these assets go into the name of the Trust, which in where most of your assets should be distributed to your beneficiaries.
A Revocable Trust for you and your spouse (if married) can provide for a great deal of organization to help plan for your spouse, your children, grandchildren, other objects of your affection, contingent beneficiaries, and sometimes charities.
In your Revocable Trust you also name Successor Trustees to handle your affairs. This is a way to make sure your kids don’t get everything when they turn 18. Instead, usually parents name a trustee to provide for their health, maintenance, education, and support until the children turn certain ages where the assets are sprinkled out to them. For example, a typical distribution may distribute one-third of the Trust’s assets when your children reach the age of 25 years old, half of the remaining assets at age 30, then distribute the balance of the remaining assets at age 35.
This document can also provide for Special Needs Trusts and other provisions for children to serve as co-trustees while the person who made the trust is alive. These documents can also be customized for second marriages and non-traditional families.
Trusts
Comprehensive organization and planning for loved ones
Living Wills
For terminal, vegetative state, and organ donation decisions
A Living Will is another important document, also called an Advanced Directive or health care power of attorney. It states your wishes for medical care and names one or more agents to make medical decisions for you if you are unable to make them yourself.
This document can provide “pull the plug” instructions for terminal conditions and persistent vegetative states, to withhold nutrition and hydration. You can also make decisions for organ donation.
This can help avoid confusion and legal battles when your loved ones need to make difficult decisions, because it will clearly outline what measures you wish to have them take in the event of a serious illness.
Finally, no estate plan is considered truly complete without a Durable Powers of Attorney document. This document names one or more individuals with whom you share control of certain financial decisions, should you be unable or unavailable to do so yourself. This can be presently effective or “springing” where it only effective if you have a physician’s letter declaring you incapacitated, often due to accident or illness.
Durable Powers of Attorney
Sharing financial powers with a trusted person
“To be trusted is a greater compliment than being loved.”
– George MacDonald
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Wilmington, Delaware 19801
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Phone: 302-575-0873
Fax: 302-575-1642
