 Estate planning is a process that allows you to plan for your future and which will let you best protect your assets to the fullest extent allowed by law. It also allows you to specifically direct how you want your assets distributed at the time of your passing. This process involves preparation of instruments such as wills, trusts, living wills, powers of attorney and also preparing transfer instruments and effectuating the transfer of assets in order to protect them.
Good Estate Plans are custom designed to fit the individual or family for which they are designed. Therefore, we evaluate our clients' needs and circumstances and then design an Estate Plan that accomplishes your individual goals for your estate. Estate Plans can include living revocable trusts, an irrevocable life insurance trust, or a special needs trust depending upon what your circumstances require.
The best Estate Plans anticipate the future. The attorneys at The Law Firm for Family Law consult with every client at length to determine their Estate Plan needs. We offer practical advice to help clients streamline the probate process, transfer assets to protected trusts, create living trusts, project for future medical expenses and more.
Power of Attorney
 A Power of Attorney is a legal document in which you designate and authorize another person to handle various matters on your behalf should you become incapacitated or unable to handle your own affairs. This can include day to day financial affairs, managing accounts or property, or even the ability to make medical decisions on your behalf.
When a power of attorney is in effect, the agent essentially steps into the shoes of the person granting the power of attorney and makes decisions that are legally binding.
Powers of attorney can grant broad, general authority or they can limit the attorney-in-fact's power to act on behalf of the principal to particular situations. Because there are many different types of powers of attorney available to address a variety of situations, powers of attorney are extremely useful estate planning tools. If you are interested in drafting a power of attorney, contact our firm to schedule a meeting with an attorney from The Law Firm for Family Law.
Guardianships
 There are times when an individual is no longer capable of making important decisions and they have not previously executed a Power of Attorney to designate someone to act in their behalf. If you are faced with this situation with a loved one, the attorneys at The Law Firm for Family Law can assist you in becoming appointed Guardian of your loved one. Being appointed as their guardian allows you to ensure that they will be secure and cared for and that you will be in control of decisions pertaining to his or her person and property.
A guardianship is a probate court proceeding to appoint someone to handle the financial and/or medical matters for a person who has been determined to be incompetent. There are several different levels of incompetence and depending upon the condition of the ward there are several different ways to approach this issue. For example, a guardian can be appointed for a minor, the mentally ill, the developmentally challenged, those who are frail and anyone else the court finds to be unable to properly function in any one of several areas such as handling money, making medical decisions and so on.
Guardianships may also be applicable for a minor child who receives or inherits assets of any consequence. Since the minor child cannot legally manage his own affairs a guardian must be appointed to manage the child's funds until they turn 18. The guardian renders accountings to the court every year. When the minor turns 18, a petition to terminate the guardianship is filed with the court and the individual receives the money.
If you have been appointed guardian of the estate of an incapacitated person, we can assist with the Annual Accounting and reports required by law.
Call the attorneys at The Law Firm for Family Law to discuss how Estate Planning can be of value to you and your loved ones.
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