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Don't fall into the trap of thinking that estate planning is only for the wealthy! People in all walks of life can benefit from having a strong estate plan in place. A strong estate plan will provide your loved ones with a "roadmap" of your wishes once you are gone. Having this in place will prevent a great deal of stress and expense and will serve to ease the burden they face when a loved one passes away. To get stared, here are a few "off the top" explanations that will help to frame the strategies a little more:

What is the Difference Between a Will and a Trust?

A Will is the primary document in which your wishes will be memorialized. This document will name the individual responsible for administering your estate and designate a guardian for your minor children. Any specific bequests of property, such as jewelry, a piece of furniture, or other such assets, will be provided for in your Will. A Trust is a type of contract between you and your Trustee proving that the Trustee will manage a pot of assets for a specific person or persons as you directed in the trust instrument. A trust can be used to manage assets for minor children, or to assist a beneficiary who prefers not to manage the financial responsibility of his or her inheritance. Trusts can also be a valuable tool to reduce certain taxes relation to life insurance.

What is the Difference Between Financial and Medical Powers of Attorney?

A financial power of attorney provides the individual or individuals you name with control of your financial assets and property in the event you are incapacitated. A medical power of attorney provides the individual of your designation with the power of make decisions regarding your personal health in the event you are not able to do so.

Does someone who is young, single, or a nonparent really need an estate plan?

Yes! An estate plan allows you to decide who will ultimately be responsible for tending to your affairs after you are gone. Not only will this make the process of handling the tasks involved easier, but it is important to consider the fact that the next legal kin may not be the best able to manage such a responsibility. For example, in the event someone dies without an estate plan, any next of kin who is a legal adult may be charged with administering the estate. If the next of kin is a 21 year old student, it may be best for your loved ones if, under your Will, you bestowed this responsibility on someone who would be less overwhelmed by the task.

There are plenty of software options that allow me to create my estate plan on my own - why should I have a lawyer to prepare one?

Honestly, while legal software programs may seem easy and convenient, they lack the expertise of someone who has worked in the field for years. There are endless nuances that arise in estate planning related to finances, family, optimal flexibility, and protection that a commercialized software program can't foresee. However, we know these programs are widely used, and therefore, if you have created such a plan, we offer our services to review the plan with an experienced eye. If we see any items that may be cause for concern, we will bring them to your attention. If you'd like to address the concerns further, we would be happy to help you.