ESTATE PLANNING & PROBATE
The team at King Hall works closely with individuals and couples when it comes to identifying and achieving goals, from conserving and transferring family wealth to preserving family businesses, real estate and other valued possessions, all while minimizing administrative costs and taxes. We use customized planning techniques informed by our real world courtroom experience to ensure your wishes are carried out just as you intended.
WHAT IS ESTATE PLANNING & PROBATE?
An estate plan can protect you, your family, and your legacy both during your life and after you’ve passed. It alleviates the burden on your loved ones by answering the important questions now: Where will your assets go? Who will make decisions on your behalf?
Most people think of an estate plan as simply planning for the distribution of your assets after you have passed through the creation of a will. A well drafted plan consists of more than a will and should also include an advance medical directive, power of attorney and in some situations, a trust. These documents will ensure that decisions made on your behalf in a situation where you become incapacitated or deceased, are carried out just as you would have wanted.
When prepared properly, an effective estate plan can avoid family conflict, ensure your wishes are carried out, protect your assets and lower tax burdens for your loved ones. To accomplish this, it helps to have an attorney who is well versed in estate and trust litigation who can identify potential holes in a plan and use defensive planning techniques that clearly outline your wishes. Without a well-drafted estate plan, even the best of intentions can go awry and the attorneys at King Hall have seen that happen with poorly prepared plans.
In addition to helping you create a customized plan that outlines your goals and wishes, we are also experienced in assisting clients with the probate process – the execution of the directions outlined in a will.
The probate process can be stressful, confusing and time-consuming. Our goal is to help simplify the process for you by taking on many of the responsibilities of probating an estate and providing you with peace of mind allowing you to spend more time with loved ones during a challenging time.
Make sure your estate plan is air-tight by adding an extra layer of security: attorneys experienced in estate and trust litigation.
WHAT MAKES UP A BASIC ESTATE PLAN?
The main elements that make up an estate plan are a Will, a Revocable Living Trust, Power of Attorney, and Advance Medical Directive. How assets are titled is also an important part of any estate plan. More information on the components of an estate plan can be found below.
A will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children. Without a will, the state provides how your assets are distributed and may not result in an outcome in accordance with your wishes.
A trust is a legal agreement between a grantor and a trustee. A trust will allow the grantor to make sure their assets are managed the way they wish during their lifetime even when incapacitated, how they are to be distributed upon your death.
Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.
Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.
A power of attorney (POA) is a document that allows you to appoint a person or organization to manage your property, financial, or medical affairs if you become unable to do so.
There are various types of power of attorney. Each type gives your attorney-in-fact—the person who will be making decisions on your behalf—a different level of control or provides when they may exercise their powers.
Advance medical directives define a decision maker and outlines a plan for your medical care in a situation in which you become incapacitated.
Accidents and medical emergencies can happen to anyone. An advance directive speaks for you when you are unable and ensures that you receive the care you want while also respecting your religious and personal beliefs.
There are portions of your estate that may not be covered by your will, such as 401ks, IRAs, insurance plans, and more. Designating beneficiaries for each of these accounts can avoid mountains of paperwork, lawyer fees, and court costs. Making sure these are set up properly can also avoid unfavorable tax implications or leaving significant assets to an ill-prepared beneficiary.
Probate is the process by which the directions in your estate plan are carried out upon your passing. It is a legal process that verifies the validity of a will and grants the executor of your will or personal representative the power to begin distributing your assets and satisfying your debts.
There are many different laws, documents, and filing requirements for this process that can vary by state, sometimes causing it to be a long and drawn out process.
STRATEGIC PLANNING APPROACHES
Our attorneys have substantial experience counseling individuals and couples in preparing wills and trusts through the estate planning process in order to offer a customized solution to their estate planning objectives by utilizing a combination of the following planning approaches:
STRATEGIC PLANNING APPROACHES
Our attorneys have substantial experience counseling individuals and couples in preparing wills and trusts through the estate planning process in order to offer a customized solution to their estate planning objectives by utilizing a combination of the following planning approaches:
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