Estate Planning
We at St. Peter Law Offices, P.C. can assist you with safeguarding the people you love and the assets you own. Estate planning is an ongoing process over your lifetime. You should review your legal documents and estate planning goals periodically. Life changing events such as the following may cause changes to your estate planning:
- If it has been more than three years since you reviewed your plan with an attorney
- The death or incapacity of your spouse, personal representative, trustee or guardian
- If you have recently married, divorced or retired
- If a family member has recently had a serious illness or has special needs
- The birth or adoption of a child/grandchild
- If you recently acquired life insurance
- If you move to another state or acquire property in another state
If we can help you with your estate planning needs, please call us.
Wills
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Most people spend their lives earning, saving and accumulating property. However, they hesitate when it comes to making a plan for these assets when they pass on.
We develop so many important relationships in our lifetimes – family, friends, and organizations. We value each of them for different reasons.
Without a Will to guide them, the people you love can flounder on the division and distributions of assets, causing stress in their relationships that can sometimes be permanent.
A Will takes into consideration the people and projects you value. It gives you the opportunity to ease the lives of your family and friends by letting them know that you thought enough of them to make a plan for this transition.
Frequently Asked Questions:
A Will assists your family with understanding the decisions you have made regarding your assets and ensures that your wishes are carried out.
Even a person with no dependents needs a Will if he or she wants to direct who receives his or her property.
No, the courts follow a specific set of rules regarding distributions.
Yes, modest estates are making meaningful gifts to charities that are deeply appreciated.
You must be 18 years old.
Yes, there are several ways to do this – by making a Codicil, changing the list attached or writing a new Will.
Yes, many decisions need to be made and it’s best made by someone of your choice.
No, there are several factors related to tax planning – the value of your investment assets may increase; you may receive insurance proceeds; or inherit assets during your life that could change the value of your estate.
Although joint ownership can be sensible and help reduce the expense and delay of probate, both spouses need Wills to distribute property that is not jointly owned, or to distribute the estate on the death of the last joint owner.
You can find many Will forms on the internet, most for a fee. Filling in blanks on preprinted forms is no substitute for qualified professional advice about your specific situation.
Trusts
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A trust is a legal document that enables a Trustee to control, invest, manage and distribute the assets of the Grantor for the benefit of the Beneficiary.
There are two types of Trusts: a Revocable Trust and an Irrevocable Trust, which you create and maintain during your lifetime.
Irrevocable Trusts
An Irrevocable Trust is created during your lifetime and cannot be changed. These trusts are generally used to accomplish a specific tax or estate planning goal.
Revocable Trusts
A Revocable Trust, also known as a Living Trust and sometimes inter vivos trust, can be established at any time during yoru life. You can change the terms of the trust during your lifetime.
Both types of Trusts can serve several purposes: 1) Save estate taxes; 2) Manage assets for minor children; and 3) Manage assets for disabled adult children or even your spouse.
Frequently Asked Questions:
A Revocable Trust can be amended or revoked by the person that created it (the “Settlor”). This type of trust becomes irrevocable upon the death of its Settlor. An irrevocable trust cannot be changed after it is signed.
For a Revocable Trust, the beneficiary is usually the Settlor until the Settlor’s death.
If you are able to manage your own assets, you should name yourself as the Trutsee. However, you can also choose an adult that you trust. Usually, your trustee is your spouse, a relative or friend. You many even choose a professional fiduciary to represent your interests. You should ask whoever you choose if they are willing to act as your Agent.
This is a person that may have to act in the stead of your first choice in the event that the first Trustee resigns, becomes incapacitated or cannot serve for other reasons.
Yes, you can appoint more than one trustee to act on your behalf. However, if the trustees disagree, a court may have to step in to resolve the dispute.
No, the Trust controls the assets titled in the name of the Trust. The Will controls all assets not titled in the name of the Trust.
A Funded Trust is an alternative to a probate. If your assets are all contained within the turst, a probate may be unnecessary. This Trust is usually for the benefit of its Settlor until he or she passes away. An unfunded trust typically receives its assets through a “pour-over will” following the Settlor’s death.
The Trustee should manage and invest the assets and income of the trust for the benefit of the Settlor/Beneficiary during his or her lifetime and make those assets available to the Settlor/Beneficiary in accordance with the provisions of the trust.
A Revocable Trust, when fully funded, has the following purposes: 1) reduce or eliminate the need for probate; 2) avoid the need for a conservatorship for the Settlor if he or she becomes disabled; 3) protect an inheritance from a Beneficiary’s creditors, a Beneficiary’s divorce or a spendthrift; 4) tax planning; and 5) privacy.
A Testamentary Trust is set up in your Will. It becomes active after your death and helps determine how your estate will be administered. This Trust is useful when your assets do not need management during your lifetime.
No, it is usually best to provide for discretion in some matters. For example, you may wish to grant a Trustee broad powers of investment of estate assets so they will have the flexibility to adapt to future changes in economic conditions.
Generally, a Trust should be drafted by an Attorney, since there can be serious tax liabilities when a Trust is not crafted correctly.
Powers of Attorney
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From the American Bar Association:
Families who head to an attorney to discuss or put in place their powers of attorney, have, at some level, had a conversation about mortality, either with themselves or with their loved ones. The bottom line is the concept, forethought and some variety of a conclusion has transpired. In all likelihood a few particulars may have been overlooked; but the attorney can walk them through the process, sweeping up the previously untended details, to put together a succinct package that provides an appropriate safety net. Relief is achieved; life continues with a certain sense of confidence.
A Power of Attorney allows you to choose someone you trust to make decisions on your behalf when you are unable to do so yourself.
Who will make decisions for you when the unexpected happens? For example:
- When you need to close a real estate deal, but you are out of the country on business
- If you have an accident and are hospitalized and unable to make medical decisions for yourself
- If you are unable to make decisions as a result of a long-term illness?
Powers of Attorney can be made for different purposes –financial and health care are common. However, there are Powers of Attorney that can be for specific reasons or purposes.
Frequently Asked Questions:
A medical Power of Attorney allows your Agent to make health care decisions for you, while a financial Power of Attorney allows your agent to make financial decisions for you as you would make them yourself and for your benefit.
Your Power of Attorney takes effect according to its terms, either immediately or upon the happening of some later event, and may be revoked at any time.
Your Power of Attorney does not affect your rights to make decisions for yourself. It just allows your Agent to make decisions for you when you are unable to do so.
You should choose an adult that you trust. Usually, your Agent is your spouse, a relative, or friend that you trust. You may even choose a professional fiduciary to represent your interests. You should ask whoever you choose if they are willing to act as your Agent.
You may change your mind and revoke your Power of Attorney at any time as long as you are not incapacitated.
A Successor Agent acts in the stead of your primary Agent if for some reason your primary Agent is incapacitated, changes his or her mind, or cannot serve for other reasons.
Yes, you may appoint more than one agent to act on your behalf. However, if the Agents disagree, a court may have to step in to resolve the dispute.
Under the law, an Agent is a fiduciary. This means that they are held accountable for their actions and must act in good faith by following your instructions. They must act in your best interests. When an agent fails to do this, they can be held accountable.
An Agent has to keep track of what he or she does on your behalf, because the Agent is a fiduciary, the Agent can be required to provide accountings.
Yes, it is valid in other states, regardless of where you lived when it was created.
You should give your original to your Agent and keep a copy for yourself. If it is a financial Power of Attorney, you may want to give a copy to your bank or broker. If it is a health care Power of Attorney, you may want to give a copy to your doctor or local hospital.
You should give your original to your Agent and keep a copy for yourself. If it is a financial Power of Attorney, you may want to give a copy to your bank or broker. If it is a health care Power of Attorney, you may want to give a copy to your doctor or local hospital.
If you suspect your agent is misusing your Power of Attorney, you should request an immediate accounting, revoke the Power of Attorney, and notify any people or institutions that may have been given a copy of the document.
A non-durable Power of Attorney expires when you become incapacitated. A durable Power of Attorney expires when: 1) you revoke it; 2) the Agent dies; or 3) when you die.
