The firm can help with the following:
A will ensures that your assets will be distributed according to your wishes. If you are to die without one, the state will decide how to divide your assets based on intestacy laws, without regard for you or your family members’ wishes. If you have young children, a will is especially important because you can ensure whom the guardians of these children will be if anything were to happen to you.
A trust is a legal mechanism that allows you to put conditions on how your assets are distributed. There are many different types of trusts, and it is important to know your options in order to determine which one is best for your specific situation.
A revocable trust is a trust that you can place property and assets into. You still have the option to undo the transfer at a later point in the future by removing the property and terminating the trust.
Once you place property and assets into an irrevocable trust, the property and assets can no longer be retrieved. When a person’s property is in an irrevocable trust, the value of the property is removed from the person’s estate and therefore there are tax advantages associated with an irrevocable trust.
A testamentary trust in one that goes into effect upon a person’s death and is specified in his or her will. Testamentary trusts are typically used to leave money to children through a will.
An education trust is exactly what it sounds like – setting aside money to pay for someone’s education. This trust specifies the money be used for education and states how the trust money is to be used regarding education.
A trust may be created to provide care for pets, if one wishes. Pet owners may specify who the caregiver of the pet will be, as well as determine which person will manage the assets set aside for the pet.
A charitable trust is an irrevocable trust set up for charity purposes. This lets one donate generously to a charity. Charitable trusts are set up as either remainder trusts or lead trusts. A remainder trust involves the assets being signed over to a charitable organization for a specific period of time. A lead trust gives the donor control of the trust rather than giving control of the trust over to the charity.
Medical Powers of Attorney
This is a legal document that enables a trusted person to control your healthcare if you are unable to do so yourself.
Financial Powers of Attorney
This is a legal document that enables a trusted person to control your finances if you are unable to do so yourself.