The Estate Planning Attorneys at Clovis Law Group LLP create personalized estate plans for large and small estates. Your estate includes all your assets such as car, furniture, clothing, artwork, jewelry, homes, land, businesses, bank accounts, and retirement accounts. After death, these assets will need to be distributed. Your estate plan allows you to control the distribution.
A will is the legal cornerstone to any estate plan, and is the minimum requirement for any individual, regardless of age or financial status. Without a will, assets will be distributed according to a process known as “intestate succession”. A will is a traditional legal document that will allow you nominate an executor to manage your estate and to identify individuals or entities to receive your assets.
A trust is another common part of an estate plan that will allow you to manage your assets in a more comprehensive way than a will. A trust will allow you to set up your estate to avoid going through “probate” which can delay the distribution of assets and access to money for beneficiaries. A trust is also not a matter of public record.
Two other important parts of an estate plan include a power of attorney and an advanced healthcare directive. A power of attorney allows you to designate another person to manage your financial affairs during your life and can be set up to take effect only in the event of incapacity. An advanced healthcare directive is a legal document that gives another person the right and authority to act on your behalf regarding health care matters. This includes decisions regarding medical treatment (or withholding medical treatment), end-of-life decisions, organ donation, disposition of remains, and funeral plans. Without a healthcare directive, family members may have to go to court to request a court-supervised conservator to manage your affairs and be responsible for your care.
Many clients will benefit from a basic estate plan that includes a will, a trust, and a healthcare directive. Other clients will require a more involved estate plan that may include gift trusts, family limited partnerships, irrevocable life insurance trusts, and business succession planning. The estate planning attorneys at Clovis Law Group LLP will help navigate these options to customize an estate plan for your needs.
