Orloff Law will collaborate with you to develop a personally tailored estate plan that fits your needs, which may include the following documents.
General Durable Power of Attorney
A General Durable Power of Attorney gives a designated agent broad powers to handle one’s finances and property, which may include powers to sell real estate or personal property without advance notice or approval. However, the law requires the appointed agent to always act in the principal’s best interest, in good faith and only within the scope of authority granted by the principal in the power of attorney.
In the event that one becomes incapacitated, having a properly drafted power of attorney in place may prevent loved ones from having to obtain guardianship through the courts, which can be a time consuming and costly process.
Durable Health Care Power of Attorney or Living Will
A person may execute a Durable Health Care Power of Attorney/Living Will for the purpose of appointing an agent to make one’s healthcare decisions if they are incapacitated or in any way unable to make decisions for themselves. The named agent is often one’s spouse, close family member, or close friend.
Although the Durable Health Care POA gives an individual the autonomy to make the decisions that they believe are in your best interest, it is still good practice to speak with your health care agent and share your thoughts and wishes. It is recommended that every person consult with their primary care physician as well as an experienced attorney in order to ensure that they have covered all important decisions within each situation.
Last Will and Testament
Writing a will is the most essential part of estate planning. A will is a legal document that serves to instruct how one’s assets and custody of minor children will be dealt with after his or her death. The document shares the individual’s requests and he or she appoints someone (an executor) to carry out the stated wishes.
After the testator passes away, the executor named in the will must take the will to the Register of Wills of the county in which the decedent resided. The Register of Wills then officially appoints the will’s executor and that gives that individual the legal power to act on behalf of the deceased individual. If you do not have a will upon your death, you are considered to have died intestate and the state in which you resided will determine who receives one’s assets according to its laws.
Trust
A trust can either become effective during one’s lifetime (Living Trust) or after one’s death (Testamentary Trust). It is an agreement that allows a third party to hold onto assets for the person that they are eventually meant for (the beneficiary/beneficiaries).
Trusts don’t go through probate, so one’s beneficiaries may be able to obtain the decedent’s assets quicker than those who are receiving an inheritance through a will. They may also be able to avoid certain taxes if the trust is an irrevocable one.
Packages & Fee Structure
All estate planning packages include:
- Initial consultation (phone or in-person)
- Drafting of the necessary documents
- Final meeting (in-person) to answer questions and execute the final documents
We are more than just Estate Planning…