You Earned It. We Help You Protect It.
An estate plan, often only called a will or a trust, is a set of documents that is used to distribute your wealth after you pass away and deal with situations like incapacity and guardianship of your minor children. Creating a solid estate plan is essential to your family’s future and is a tool that married and single clients alike should strongly consider. Ingalls Law is equipped to discuss what type of estate plan is right for you.
As you accumulate wealth during the course of your lifetime the need for preserving it becomes that much greater. Let’s face it, no one wants to give away half of what they earned over a lifetime. Not when the solution is simply proper advanced estate planning.
A living trust is the centerpiece of a good estate plan. Placing your assets in a trust is the only way to avoid probate should you have an estate when you pass away. A trust is meant to replace the lengthy probate process by stating who receives your estate when you pass away and who will be in charge of that process as your trustee.
While wills do not avoid probate, they are still a necessary tool in your estate plan. A properly drafted estate plan should include a pour over will that can "catch" any assets that are not placed in your living trust. The goal is to have all of your assets in your trust when you pass away, but the pour over will is meant to redirect overlooked assets to your trust estate. A will can also be a very powerful tool for parents with minor children as it states who you wish to care for your children should you pass away while they are minors. For many people this is the most important part of their estate plan.
Power of Attorney
For Assets and Personal Affairs and Medical Power of Attorney: A durable power of attorney is very important document that allows your selected power of attorney agent to act on your behalf to manage your personal affairs should you no longer be able to do so. It allows your power of attorney agent to pay your bills, manage your business, care for your pets, and see to it that all your personal and financial affairs are in order when you cannot.
A health care power of attorney is a broad and essential document in your estate plan. It contains a living will and specifies your wishes having to do with end of life decisions, final arrangements, and other medical issues. It is meant to guide your designated health care agent when you cannot speak for yourself. This situation is obviously extremely difficult to go through for anyone, you want to be sure your loved have the guidance of your voice during that process.
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