A will explains how a person intends for their property and assets to be distributed after their death. Unfortunately, about half of all Americans die without a will. When one dies without a will the state may appoint a lawyer to distribute this property, and the lawyer will be paid out of the deceased person’s property. In some cases, the state may even claim the property if there are no apparent heirs. If there are heirs, the heirs may be forced to pay an expensive bond and sizable taxes to keep the property they inherit.
Many people believe that only very wealthy people need trusts. However, trusts are an estate-planning tool for anyone who wants to avoid probate costs, minimize taxes, and limit the beneficiaries’ ability to access money left to them.
A trust is a legal property interest held by one person, the "trustee", for the benefit of another person, the "beneficiary". The person establishing the trust is called the grantor and a trust can be revocable or irrevocable.
- Revocable trust: Can be changed or terminated by the grantor at any time and for any reason.
- Irrevocable trust: Once established, cannot be terminated or altered.
Our qualified attorneys are skillfully experienced in all types of estate planning and assist clients in their related decisions regarding wills, pour-over wills, trusts, living trusts, healthcare powers of attorney, and gifting. They can explain wills, trusts, and other estate planning tools and help plan for the financial future.