Why You Need an Estate Plan?
Proper estate planning will help accomplish several goals:
- Provide for Loved Ones
- Minimize Taxes
- Protect Assets
- Name a Guardian for Minors
- Plan for Incapacity
- Manage Assets
- Keep Matters Private
- Plan for Business Succession
- Inform others of your Last Wishes
- Leave a Legacy
At Tarris Law, we provide you with an up to date and comprehensive estate plan to prevent the government from deciding the fate of your children and assets. We want to ensure that you are able to control the decisions regarding your family, health, and wealth.
Estate Planning Documents
In order to accomplish your estate planning goals, you may need to utilize some of the following tools:
- Power of Attorney for Finances - This document allows you to name someone to manage your property and financial and legal affairs in the event of incapacity.
- Power of Attorney for Healthcare - This document allows you to name someone to make healthcare decisions if you are unable to do so.
- Living Will - This document is a directive from you to your physician indicating your wishes regarding treatment in certain medical situations.
- Last Will & Testament - This document tells the courts how you want your property distributed after your death. It also allows you to name a guardian for minor children and pets and provide instructions for your funeral. However, it only becomes active if you die, it does not account for your needs if you become incapacitated. It also needs to be filed with the courts, thus making it a public document.
- Trusts - There are several types of trusts that determine how property your property will be managed for the benefit of you or another loved one. Unlike wills, a trust can be used in a time of incapacity and can be used beyond death. It also provides control over your assets following death whereas a will simply distributes those assets.
- Deeds - There are several types of deeds that can be used to pass on your property to protect it and/or pass it down with clear title.
- Insurance Policies - Life, Disability, & Longterm care policies may be useful funding mechanisms to meet your goals.
- Tax-Advantaged Savings Accounts - Retirement and Health Savings Accounts are additional funding mechanisms that can be used both for yourself and to provide for your loved ones.
- Business Entities - There are several business entities, such as an LLC, that can be used in estate planning to help manage property or a family business.
- Beneficiaries Designations - These documents make sure your property will be passed along correctly.
- Final Wishes - This document is important to inform your family of any last wishes, funeral arrangements, or a final goodbye.
- Financial Inventory - This document records the whereabouts of your financial and legal affairs so that administering your estate is not a burden to others and that nothing is overlooked.
Additionally, there are many strategies a qualified estate planning attorney can use to help you avoid probate and reduce estate taxes.
How We Can Help
Our estate planning services is an easy three-step process.
First, we will gather important information using our estate planning intake form and discuss your goals in an initial consultation.
Second, we will use the information you have provided to prepare a comprehensive plan tailored to your specific goals and situation that we will present along with several recommendations in a second meeting.
Third, we will draft the documents you need for your review and execution at a third meeting.
Please contact us by calling 540-319-4111 or emailing info@TarrisLaw.com to set up a consultation.