Estate Planning
Estate planning involves making important decisions in advance about how the things you own will be distributed after your death. It allows you to clearly designate the individuals or organizations you wish to receive your property and to ensure your wishes are carried out.
A common misconception is that estate planning is only for the wealthy. In reality, estate planning is important for everyone 18 years of age or older, regardless of income. Having a plan in place provides clarity, reduces stress for your loved ones, and helps avoid unnecessary legal complications.
Estate Planning
Estate planning is the thoughtful process of determining in advance how your assets will be distributed after your passing. Without a plan in place, your estate may not be handled according to your wishes. There are a range of estate planning tools available. The right approach depends on your unique family circumstances, the nature of your assets, and where you are in life. Our team can guide you through options such as establishing a Last Will and Testament to specify your final wishes, or creating Living Trusts that can provide privacy and avoid the lengthy probate process. We can also assist you with other probate avoidance plans. At The Love Law Group, we take the time to understand your goals and work closely with you to create a personalized plan that provides clarity, security, and peace of mind for you and your loved ones.
Estate Administration & Settlement
When our firm has assisted you with planning, we also understand that your family may need some guidance after your passing to know the appropriate steps for administration of the estate. Those steps are dependent on the type of estate planning that you chose.
- Transfer on Death Planning
- Trust Planning & Administration
- Probate Planning with a Last Will & Testament
- Probate without a Last & Will Testament
Essential Estate Planning Documents
We help create essential legal documents that every adult needs in place.
Power of Attorney • HIPAA Authorization • Advanced Health Care Directive • Will
Frequently Asked Questions
What is Estate Planning?
- Instructions on how to care for your financial and healthcare needs if you are to become incapacitated
- Naming guardianship for minor children
- Instructions and plans for family members with special needs
- Providing plans for blended families that have separate accounts or do not get along
- Providing plans for family members that are not financially responsible
- Solutions to avoid probate
- Asset protection planning for long-term care
Is Estate Planning only for the wealthy?
At what age should someone start with Estate Planning?
People tend to think about planning more as they age, but estate planning can begin as early as 18 years of age. No one knows how long they will live, whether they will face serious illness or an accident. Financial and Healthcare Durable Powers of Attorney are often the first documents completed in estate planning.
Why is Estate Planning so important?
- If you become incapacitated and do not have proper Financial and Healthcare Durable Power of Attorney documents, someone will be appointed to make financial and healthcare decisions for you. This is referred to as conservatorship and guardianship respectively. This court process can be time-consuming and expensive.
- If you die and do not have any plans in place, anything that you own in your name only that does not have a beneficiary in place, must go through the probate court. The court will decide who will receive the assets and may also name a guardian for minor children without knowing who you may have chosen. Probate proceedings can take months to years to complete and legal fees and court costs can be expensive.
What are common Estate Planning mistakes?
One common misconception is that “I don’t have an estate”. Surprisingly, almost everyone does have an estate. An estate consists of your home, car, bank accounts, investments, life insurance and other personal property. No matter how large or small, most of us have an estate.
Estate planning is costly and/or confusing. An experienced estate planning attorney can guide you in designing these crucial documents. The expense of a qualified attorney can give you peace of mind that your documents are properly prepared and support your wishes.
A will avoids probate is another misconception. A will provides your instructions to the probate court on how your assets are to be allocated.
Another common mistake in estate planning is that once you have completed your plan, it is done. Estate planning is an ongoing process, and you should regularly review and update your plan. The most common reasons to update your estate plan would be due to a new decade, divorce, death, diagnosis, or any decline in health.
What is the benefit of Estate Planning?
Estate planning is one of the most thoughtful gifts that you can give your family members. Having a properly prepared plan that contains your instructions, and your wishes will protect your family upon incapacity or death. It can give you and your family peace of mind for whatever lies ahead.
