The S.S. Davis Law Firm

It’s important to remember that a will and a trust are not the same thing. While many people can get by with a simple will, those with more substantial assets or complicated division requirements may be better served by a trust.

If you have a revocable living trust that contains most of your assets, it’s recommended that you still have what’s known as a pour-over will, which can take care of such details as guardianship for your children and untitled assets.

How soon after I die will my beneficiaries receive the assets in my will? If an estate planning attorney has helped you to avoid probate – perhaps by setting up a trust – your beneficiaries could receive assets just weeks after your death.

Did you know that no matter what your net worth is, it’s very important to have a basic estate plan in place? This ensures that your family is taken care of and your financial goals are met after you die.

There are many situations in which a significant change in your life requires changes to your current will or a completely new will. For example, if you move in with a new partner you may want that person to inherit the bulk of your property. That won’t happen unless the request is reflected in your will.

When it comes to establishing a trust, you have several options to choose from, depending on your specific needs. For instance, you may choose a trust that offers beneficiaries periodic cash distributions, or one with key tax-saving advantages may be beneficial.

If you want to make sure that an heir gets money in a bank account immediately after you die, we can explain how to set up the account so that it is immediately transferable to an heir you have previously designated.

One critical part of your estate is your will. Despite the importance of having a will, many Americans die “intestate” or without a will in place.

There are many different ways to reduce the potential taxes on your estate while you are alive. One involves giving money now to people who would have been your beneficiaries. That lowers the value of your estate, potentially reducing the amount of any federal estate taxes.

One estate planning strategy is to keep assets in trust for your child or children. This has several benefits, as it insulates assets from creditor claims and divorce proceedings, keeps property in the family, and allows you to name a trustee to control asset distribution.

Different states have various laws that apply to situations when there is no will involved. To avoid having the state make certain presumptions about who will inherit your property, make sure your personal wishes are recorded.

Have you moved over the years? The laws regarding community property are different throughout the country. Check with an attorney with expertise in estate planning to find out if it’s necessary to either add a codicil to your will or to draft a new one.

Did you know the first owner of the Ho***rs chain restaurant, Robert H. Brooks, had to sell the $1 billion a year business because he didn’t properly plan for the estate taxes? The family could have owed $115 million when he passed away in 2006.

Did you know that maintaining a dual residence in another state can change the validity of your current will? Whenever you move or add a second home, it's smart to have your current will reviewed based on the laws of your new home.

Did you know the legal process of managing the estate of a deceased loved one could take up to a year and cost more than $2,000? This process is known as probate. An estate planning attorney can help with this prior to death.

The laws regarding charitable donations probate taxes change virtually every year. We'll regularly review how any legal changes affect your estate, and set up a meeting if we believe there's a need to make some changes to your final arrangements.

As long as you are still alive and have the ability to enter into a contract, it is not too late to start planning for your estate. People may contest that you did not have the ability to enter into the contract by proving fraud, a mistake, or coercion during the creation of your estate plan.

A medical durable power of attorney is sometimes called a durable power of attorney for health care. It identifies the person(s) you wish to have make medical and health care decisions for you or act on your behalf in the event you’re incapacitated.

When you’re young, you rarely think about what will happen after you’re gone. It often isn’t a huge issue, but if you have a family and have built some wealth, it is wise to speak to an estate planner to be sure you’ve protected that wealth for your family after you’re gone.

When you have a charity that means quite a bit more to you than it does to your family, you may wonder if they’ll continue your donations after your death. Remember, we’re always able to add financial provisions for charitable organizations into your estate plan.

Make all estate planning decisions while you are healthy, even if you don't have a significant estate. You can always update wills and other documents, but if you wait too long, an unexpected turn of events could leave you with no will.

When it comes to estate planning, the drawing up of clear, detailed documents is critical. These should outline precise terms, conditions, and provisions so that the trustee/executor is able to execute your wishes down the road.

No matter your situation, everybody needs a will. This will ensure that your assets are properly distributed and your children, if they are minors, have pre-selected guardians. Even if you have a trust, you still need a will to take care of any holdings outside that trust.

Spouses often assume that they will handle all of the details of the other's funeral, but what happens if your spouse dies before you do? Who will know all of your personal choices for a funeral? With a will, you can be sure that those choices are detailed clear for all to see.

It’s important to remember that you don’t have to be a millionaire to take advantage of estate planning. Even if you just have a house and car, you could save your loved ones from going through the often lengthy probate process.

If you ever experience permanent incapacity, such as a coma, then the doctor and hospital will rely on the instructions you have provided in your living will regarding the nature and extent of your care. A durable power of attorney will be used when you cannot provide informed consent.

It’s crucial that estate plans be periodically updated, especially since new laws are being enacted more frequently than ever. Estate planning is actually an ongoing activity instead of a one-time activity. An estate lawyer will provide accurate advice about all estate plan options, offer ongoing counsel, and review your estate plan.

In most states, a person's spouse, followed by their children, are the first in line to inherit property and assets if you die without a will. If you don't have a spouse or kids, brothers, sisters and parents are usually first in line.

So what is a custodial account when it comes to estate planning? This is a legal way by which you can gift your assets during life and make distributions from a trust for the benefit of a minor child who is under 21.

You know how difficult it can be to earn the wealth you want to pass on to your loved ones. But with a little foresight and a good estate planner, you can easily help to protect what you’ve worked so hard to earn. Why would you do otherwise?