Most people today do not have adequate, if any, estate plan in place in the event of their death. Estate planning is an area that is growing more and more as people realize how important it is to have their affairs in order so that the transition period after a death can be as smooth as possible in what is already a trying time.
Mike enjoys working in this area as it is an area where problems that may come up upon death in the future are anticipated now and steps and measures are taken to make the event of death of a loved one as easy as possible under the circumstances.
Revocable Living Trusts are a very large part of estate planning today. A well-drafted Trust and accompanying documents can avoid the lengthy, costly and time-consuming process of a probate proceeding. A Trust allows assets to pass to those you designate without the need of any court involvement. Along with the Trust itself a good estate plan will include the following documents:
- Last Will & Testament (Pour Over Will)
- Financial Durable Power of Attorney
- Health Care Durable Power of Attorney
- Advance Health Care Directive (Living Will)
- Certificate of Trust (If applicable)
- Deeds Conveying Real Estate to the Trust (If applicable)
- Complete Forms, Instructions and Assistance for Funding the Trust (If applicable)
- Schedule of Assets Funded into the Trust (If applicable)
- Form of Statutory Handwritten List for Designating Recipients of Furnishings, Tools, Collectibles and Other Items of Personal Property
- Forms for Amending and Revoking Trust, Substituting the Trustee and Conveying Assets to the Trust (If applicable)
- Final Instructions for Settling the Estate
Once the trust is prepared and fully and properly funded, individuals can be assured that their estate will be handled and passed to their loved ones without the time, expense and hassle of the probate process. Thus, great peace of mind is achieved as an individual knows that they have done what is necessary to insure a smooth transition of their assets to their loved ones.
