Frequently Asked Questions

What is Estate Planning and why do I need it?

An estate plan is a suite of documents that protects your assets and personal property (your “estate”) and explains how you want to distribute them. It documents your wishes and specifies exactly who will guard those wishes and act on them if you are incapcited or in your absence.

A typical estate plan consists of a Last Will And Testament, Power of Attorney, and an Advance Health Directive " Health Proxy".

What is a Last Will and Testament?

A Will specifies how you want your assets distributed, including items with both financial and sentimental value. Beyond specifying how your assets should be distributed, in your will you can:

• Name an executor to settle your estate and manage the probate process, which is a court-supervised process used to validate your will and distribute your assets.

• Name a guardian for your minor children.

• Provide direction regarding how debts, taxes, probate fees, and other costs are to be paid.

• Provide instructions for covering family member living expenses during the probate period.

• Designate assets to be placed in a trust for family members or other beneficiaries.

What is Power of Attorney?

A power of attorney (POA) is a document that allows you to appoint a person or organization (known as an agent or attorney-in-fact) broad power to manage your property, financial, or medical affairs on your behalf.

What is an Advance Health Directive " Health Proxy" ?

A Health Proxy is a document that explains how you want medical decisions about you to be made if you cannot make those decisions yourself. It lets your health care providers and loved ones know what kind of health care you want, or who you want to make decisions for you when you can't.

Do I need a Trust?

Trusts can help protect and control your assets after your death, and can be used in conjunction with your Will to ensure that your family assets remain in your family.  For example, if you leave a child half of your estate, that child’s spouse could potentially inherit your assets.  Alternatively, if your children are still minors (under 18) at the time of your death, your assets could be paid into the Surrogate’s Court until they reach the age of 18.  Our attorneys can show you how a testamentary trust can protect your wealth from falling into the hands of anyone other than your loved ones.