One of the most basic legal matters that everyone should have a consultation for is in estate planning. Whether you are single, married, have children or don’t want to burden your family or business partners with years of litigation once you pass away, there is an estate plan that can be customized just for you. The most common estate planning documents include the following:

Last Will and Testament

This tells the world what your wishes are when you pass away. The age-old question of “who gets what” and who would you trust to handle the distribution would be dictated in your Will so that your family won’t be arguing after you pass. Also, The Last Will identifies what specific gifts you wish to give to family, friends or charity and any restrictions you wish to place on those gifts.

Power of Attorney

Whether it is a springing power of attorney or a general durable power of attorney, you can give “power” for someone to step in your shoes if and when something happens, such as traveling outside the country or a medical procedure, or immediately, so that your agent can “step into your shoes” on day one and assist you with anything you would do yourself.

Living Will/Medical Directive

This document names someone you select to make medical decisions based on your commands or recommendations in the document if you are unable to communicate your wishes to medical professionals. This is important when having a medical procedure or if there is a history of dementia or Alzheimer’s.

Trust

A trust document is the ultimate “tax planning” document to not only safeguard your assets from creditors but also to prevent multi-generational inheritance/estate taxes. Depending on the circumstances, you can safeguard your assets and create a Trust that dictates your wishes for generations.

Probate

If a loved one passes with a Last Will, the next step would be to register the will with the Court and have the executor or executrix officially nominated, so that publication, distribution of inheritance bequests and inheritance tax returns can be properly filed. The process takes several steps and if completed incorrectly or not completed within the 9 months from the date of death, the executor may become personally liable. A trained attorney will handle the majority of the work for the estate, making it simple for the probate process to proceed efficiently.  If the loved one passes with no will, then someone needs to step up as the Administrator of the Estate and ask for the Court to appoint them. The inheritance distribution defaults to what the intestacy statutes state. Both an executor and an administrator are entitled to fees from the Estate for taking on the work necessary to follow the probate steps required by the statute. Properly structured Trusts would avoid probate if you planned ahead.