FREQUENTLY ASKED QUESTIONS
Q: What is a Will?
A: A Will is a document (legally effective after death) that expresses your wishes how your assets will be distributed upon your death.
Q: What is a Medical Directive/Living Will?
A: A Medical Directive/Living Will is a legal document that expresses your wishes regarding health care and end of life decisions.
Q: What is a Power of Attorney?
A: A Power of Attorney is a written authorization allowing another person(s) to act on your behalf.
Q: What is an Estate Plan?
A: An Estate Plan usually consists of a Will, Power of Attorney, and a Medical Directive/Living Will. An Estate Plan refers to the management of how assets will be transferred upon death.
Q: I don’t have any significant assets. Do I need a Will?
A: A Will addresses more than just your assets. A Will specifies not only where assets go, but who (executor/executrix) is to be in charge of your estate upon your death. A Will also addresses issues such as guardianship, or can create trusts for minor children.
Q: How can I best protect my children should something happen to me?
A: Without a proper Estate Plan, The Court will make determinations regarding your children, such as guardianship and creating a trust. A Will allows you to appoint who will serve as guardian of minors, and even allow you to create a trust for your child(ren)s to hold their potential inheritance until an age that YOU feel is appropriate.
Q: When should I be concerned about creating or updating my “Estate Plan?”
A: If you have any assets, or have a family, or recently experienced any significant life event, you should consider speaking with an attorney to discuss creating or updating your Estate Plan.
Q: What makes up my “Estate”?
A: Your Estate typically includes all assets, real and personal that are in your name. Not all assets, however pass through probate. It is important to know what assets are “estate assets” and which are non-estate assets,” which will pass outside of probate.
Q: What if I pass without a Will?
A: Current State Law and the Court will then make the determination as to who inherits your estate, who will serve as guardian of minors or serve as trustees for any minor trusts, and who will administer the estate. The court may also impose an Administrators Bond on the estate that will have to be paid prior to any transfer or liquidation of assets.
Q: How long does the process take to make an Estate Plan?
A: Typical turn around time from initial phone consultation to completion of signing is about one week. I also can provide services on an emergent basis.