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Estate Planning

You Still Don’t Have a Will?
A simple will might be all you need. Don’t wait any longer! Contact us TODAY!

If you do no other estate planning, you should at an absolute minimum, have a will. Without a will, state law will determine who gets our property and a judge may decide who will raise your children.

At Doan Law Firm, we make the process of creating a basic will exceptionally easy. Having a will in place provides confidence that your property is left to the people and organizations you choose. It names the guardian you prefer to care for your minor children if you can’t. It names someone you trust to manage the property you leave to minor children, and names the person you choose as an executor to ensure that the terms of your will are properly carried out.

Create a Customized Estate Plan!
We can help you create a Customized Estate Plan with a Will, Health Care Directive, and other essential documents.

At the heart of every estate plan is a will. This gives you legal control over who inherits your property, who would be assigned legal guardianship of your children if that is an issue. It also allows you to appoint your personal representative to oversee the process of carrying out your wishes.

As part of your Estate Plan, you can include a Health Care Directive that will spare your loved ones from having to make life altering decisions by crafting your own plan for medical care. We ensure that the loved one you select has legal permission to make important medical decisions for you if that becomes necessary.

In a Living Will, we will also ensure that your wishes regarding prolonging your life through artificial means in certain circumstances are met. That includes making sure that any of your wishes regarding specific medical treatments and procedures are followed.

With respect to Final Arrangements, you may choose to plan your funeral or other ceremony, easing the burden on your loved ones.

Of great help for your loved ones, we will organize your estate so that your survivors don't have to.

Avoid Probate with a Living Trust!
Staying out of probate saves your loved ones time and money!

By creating a trust while you are alive, you can name your successor as trustee of your estate. Upon your death, your chosen successor simply transfers ownership to the beneficiaries you named in the trust.

Once all of the property has been transferred to the beneficiaries, the living trust ceases to exist.

Estate Planning: Frequently Asked Questions

• What Should I Include in a Simple Will?

  A Simple Will applies only to you, unlike a Joint Will that applies to both you and your spouse. It describes who you are and includes the names of your beneficiaries; both people and institutions such as charities. It includes the name of your executor; the person legally responsible to ensure your directions are carried out. It is advisable to have a back-up executor just in case your first choice is unable or unwilling to carry out the duties. If you have children, the will directs who will care for your children. Lastly, it explains how you want your assets distributed, and to whom.

• What Is a Trust?

  A Trust is an agreement that explains your rules for managing property held in trust for your beneficiaries. Typical objectives are to reduce the estate tax liability, to protect the property held in your estate, and to avoid probate. To establish a trust you need to consider the following:

  1. The person who will set up the trust. This person is sometimes known as the trustor, the settlor, or the grantor.
  2. The objective of the trust. There are different types of trusts just as there is a variety of objectives.
  3. The specific type of trust. It is important to identify the type of trust you want and to ensure that it carries out your intentions.
  4. The property that you want placed into the trust.
  5. The beneficiary or beneficiaries of your trust.
  6. The trustee or the person in charge of your trust. This person must understand the rules of your trust to ensure that the trust stays in working order.
  7. The rules. Some rules to be followed are inherently part of the type of trust you use, while other rules depend upon what you specify in the trust agreement. These are in addition to the rules found in state and federal law.

• What is the difference between a Revocable Trust and an Irrevocable Trust?

  A Trust is set up and goes into effect while you’re alive. This can be either Revocable, meaning that you can change your mind, or Irrevocable, which means, what’s done is done.

  It’s easiest to understand an Irrevocable Trust. Simply stated, you can’t retrieve the property from an Irrevocable Trust. Essentially, that property now belongs to the trust, not to you!

  That said, with a revocable trust you can place property into the trust and at some future time undo the transfer by removing the property and terminating the trust.

  The most significant difference between Revocable and Irrevocable Trusts are the estate tax considerations. Property placed in an Irrevocable Trust is not considered part of your estate. This means that the property isn’t typically included in your estate’s value when it comes to determining the amount of death tax you may owe.

  Property placed into a revocable trust, is still your property and is still subject to death taxes. Since you can change your mind and retrieve the property at any time while you’re still alive, the property remains yours and is considered part of your estate.

  So if you only get a break on estate taxes with an irrevocable trust, why would anyone want to use a revocable trust without the estate tax break? Estate tax savings is only one of the reasons you may consider including a trust in your estate planning. If your estate’s value is no where near the federal estate tax exemption, then you really don’t need to be concerned about federal estate-tax-saving tactics.

  It is very important to understand any and all tax implications — gift, federal estate, and state inheritance or estate — for property transfers to both irrevocable and revocable trusts. You’ll want to set up the right provisions and avoid unpleasant tax-related surprises.

• What is Probate?

  Probate is a term that refers to the method by which your estate is administered and processed through the legal system after you die.

  The probate process determines and supervises the way your estate is dispersed. The court ensures for example that your debts and taxes are paid before your beneficiaries receive their inheritance. Your estate will be probated even if you don’t have a will. If you have a will, it will determine how your estate is transferred during probate and to whom. Without a valid will, the laws where you live determine who gets what parts of your estate.

• How does Probate Court distribute your estate?

  Probate Court attempts to ensure that both your creditors and your heirs receive their due. Creditors that have a valid claim are likely to be paid in the following order (though the order varies from state to state):
  1. Estate administration costs (legal advertising, appraisal fees, and so on)
  2. Family allowances
  3. Funeral expenses
  4. Taxes and debt
  5. All remaining claims

  Whatever's left after your creditors get their money is distributed to your heirs or to the beneficiaries you named in your will. If you died without a will, the laws in your state determine how your property is distributed.

• When Should I Review My Estate Plan?

  You should periodically review your estate plan, including your will and any trusts, to ensure that your inheritance planning is consistent with your needs and goals. Additionally, review your estate plan upon:

  • Marriage, separation or divorce
  • Birth or adoption of a child
  • Death of an heir
  • Move to another state
  • Significant changes in your health
  • Significant changes in your financial condition

• Trust or Will: Which Is Best For Me?

  Generally speaking, a will is the best choice if:
  The estate is small enough that formal probate won’t be required.
  -Or-
  It is reasonable and safe to leave all of the estate through beneficiary and/or joint tenancy arrangements.
  -And-
  There are no significant death taxation liabilities.
  -And-
  There is no need to hold an heir’s share of the estate in some type of scheduled or controlled payout (for college or handicapped heirs for example).
  -And-
  Mental incapacitation of the estate owner isn’t likely to cause problems with financial and legal transactions.

  A trust is generally the best choice if:
  The estate which cannot safely be transferred by beneficiary and joint tenancy arrangements exceeds approximately $75,000 to $100,000.
  -Or-
  There is some danger of a challenge by an heir, or would-be heir, to the estate transfer planning after the estate owner’s death.
  -Or-
  Avoiding probate is an important goal.
  -Or-
  The estate cannot simply be paid immediately and outright to one or more heirs, meaning there are minors or other heirs who should have their share paid in a controlled or scheduled manner.
  -Or-
  There are significant death taxation liabilities.
  -Or-
  There is a need during the estate owner’s life to insulate assets from legal difficulties or a divorce with a non-owner spouse.

  

  With overlay copy… “Don’t Let Your Final Wishes Become a Game of Chance!