Planning for your future can be overwhelming, but the estate planning attorneys at Brodzki Jacobs are here to simplify the process and help you develop a plan that fits your needs.
The most common concerns when developing an estate plan are passing your wealth on to your loved-ones, providing consistency and protection for young children, managing assets and healthcare in the event you become incapacitated, avoiding probate and preventing protracted estate litigation. At Brodzki Jacobs, our lawyers will alleviate these concerns by creating an estate plan that meets your needs.
Depending on your stage of life and personal preference, Brodzki Jacobs will help you determine whether your plan is best served by drafting a simple Will or whether you will need to create a simple or complex Trust.
In simple terms, a Will is a list of instructions to a Probate Judge, which details who will receive your assets and who will care for young children upon your death. A Will does not come into consideration until the creator of the Will passes.
A Trust on the other hand governs the assets titled in its name as soon as it is created. This means that the Trust provides for management of your assets during your lifetime as well disposition of your assets upon your death. Trusts provide the benefits of avoiding probate and keeping your affairs private, in addition to creditor protection and tax savings to beneficiaries.
In addition to a Will and/or a Trust, a Designation of Health Care Surrogate and Living Will should be included in your estate plan. These documents provide emergency instructions to your doctors and love-ones regarding healthcare decisions. Decisions regarding life-prolonging procedures and end-of-life care will be documented in advance. These documents prevent family members from major disagreements regarding your medical care in critical moments.
The Durable Power of Attorney is designed to allow a designated person to step into your shoes and make financial decisions on your behalf whether you are incapacitated or otherwise unable to act. The power granted is effective upon signing the document, so it should be given only after much thought.