Estate Planning
Understanding Estate Planning Instruments
Several types of legal instruments can be used in establishing an estate plan. Each has its purpose; your plan can be as simple as a Last Will and Testament or more complex to meet diverse needs and concerns.
These legal instruments include:
- Wills: A will is a legal document outlining how your properties and assets will be distributed upon death. It also allows you to name guardians for minor children so that your family is cared for according to your wishes.
- Trusts: Trusts enable you to manage your estate both during your lifetime and after your death. With a trust, you can specify how and when your assets are distributed, providing greater flexibility than a will with potential tax benefits.
- Powers of Attorney: This legal instrument designates someone to make financial or healthcare decisions on your behalf should you become unable to do so. It allows a trusted individual to protect your interests during challenging times.
- Healthcare Directives: Also known as living wills, healthcare directives detail your preferences for medical treatment should you become incapacitated. It lets your family and healthcare providers understand your wishes clearly, reducing distress and confusion.
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Trusted AdvisorsWhether facing complex legal challenges or high-value disputes, you need a firm you can trust. With extensive experience and a reputation for excellence, we are here to guide you through every step with confidence and expertise.
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What Assets Can Be in Your Estate?
Estates can include many assets, each subject to specific considerations during estate planning and probate.
These can include:
- Real estate: Your primary residence, vacation homes, rental properties, and land.
- Personal property: Vehicles, boats, jewelry, furniture, art collections, antiques, and other belongings.
- Financial accounts: Checking and savings, Certificates of Deposit, and money market accounts.
- Investments: Stocks, bonds, mutual funds, retirement accounts, and brokerage accounts.
- Business interests: Ownership in a sole proprietorship, shares in a corporation, partnership interests, LLC membership.
- Life insurance policies: Policies with a cash value and term life policies.
- Intellectual property: Patents, trademarks, and copyrights.
- Digital assets: Cryptocurrency, online accounts, digital media.
Each asset may require specific documentation and handling during the estate planning process to fully clarify its distribution according to your wishes.
Have questions about your case or need immediate legal advice? Our dedicated team at Stevens & Gailey, PLLC is here to offer personalized guidance every step of the way.
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