Purposeful And Effective Estate Planning
Estate planning is for everyone, not just the wealthy. Even people of modest means will want to have some sort of estate plan to express their wishes about health care decisions and who should receive their assets and belongings after they are gone. Without the proper estate planning documents in place, important decisions can be left up to the Courts or determined by state laws.
I welcome the opportunity to guide people from all walks of life in creating straightforward and necessary estate plans. I can help with a full range of estate planning documents and related legal issues Everyone should have the following documents in place:
- Financial powers of attorney
- Medical Power of Attorney
- Living Will
Wills And Trusts – Fundamental Testamentary Documents
Many people ask about the differences between a will and a trust. I advise my clients that everyone should have at least a will. Even people with limited assets can afford to should set up a will. A simple will can be very valuable to family members, business partners or charitable organizations. A will has several advantages, including the following:
- It can be simple and still make a great difference.
- It is less expensive than a trust.
- It is easy to change.
- It only goes into effect after the will-maker dies.
A trust is a legal agreement between the trust maker, the trust manager (called a trustee) and the beneficiaries of the trust. Assets that are put into a trust become the legal property of the trust rather than the trust maker.
Like a will, a trust lists out directives on how assets should be distributed. A trust can be written to go into effect while the trust maker is still alive or after they have passed away. A properly prepared trust should allow assets to bypass probate, thereby keeping the details of the estate private.
Get Personalized, Complete Guidance
Determining whether a will or a trust or both make the most sense depends on individual circumstances. Discuss your legacy goals and other key issues, such as health care preferences, with me, an experienced, attentive estate planning attorney.
To reach Ryan J. Lewis, P.C., LLO, call 402-503-9598 or send an email inquiry through this website.