¤ THE ESTATE PLAN INCLUDES
1. ATTORNEY DRAFTED REVOCABLE TRUST
The Revocable Trust is a legal entity and as such typically allows for the avoidance of probate, as well as the elimination or reduction of estate taxes. It also allows you to create trusts for the protection of your children or other beneficiaries. A Revocable Trust can be revoked at anytime by you.
If you wish to have a comprehensive estate plan, individual Wills, commonly called Pour-Over Wills, , will be drafted. Pour-Over Wills provide for the transfer of your property that is not in a Revocable Trust to the Trust. If you do not wish or feel that a revocable trust is necessary, then an estate plan based upon a traditional Will can be drafted. The costs for a Will only estate plan is less than one with a revocable trust, but includes the other estate documents referenced below. The Wills, in either case, also clearly state your wishes regarding the care of any of your minor children.
3. POWERS OF ATTORNEY
The estate plan includes Durable Powers of Attorney for Property Management and Personal Affairs. These Powers only become valid if you are unable to make decisions for yourself.
4. ADVANCE HEALTH CARE DIRECTIVES
The Advance Health Care Directive allows you to decide that those you trust and love will make important decisions concerning your health treatment if you are unable to make the decisions yourself, without the need to petition a court for the authority to make those decisions. This document also allows for you to state your wishes regarding burial and end-of-life decisions.
5. NOTARIZED DEEDS TRANSFERRING REAL PROPERTY TO TRUSTS
Notarized Deeds transferring your residence to the Revocable Trust ensures that it will be included in your trust property.
6. THE SIGNING OF DOCUMENTS
The signing and execution of all documents in the estate plan is performed under the supervision of an attorney so you have peace of mind knowing the plan is legally in effect.