What is Estate Planning and why is it recommended to have one?

Estate Planning is a comprehensive plan to preserve and manage your assets during your lifetime and/or to preserve, manage and distribute your assets after your passing. Typically it is done through executing a Trust and a Will. If there is no Estate Planning for your assets at the time of your death, the assets are distributed per state law by a probate court which may not be completely according to your wishes. Also, the probate process may be lengthy, costly and public. To avoid this and also to plan and provide for your or dependents' incapacity, reduce family dispute and for peace of mind knowing your affairs are in order, estate planning is recommended.

What is a Living Trust?

Living Trust is a legal document that enables you to preserve and manage your assets during your life and preserve, manage and distribute the assets after your death, through a Trustee.. A Living Trust can be revocable or irrevocable.  Revocable Trusts may be amended as well during your lifetime.

What is Funding of a Trust? Why is it necessary?

Transferring the ownership of the assets to the Trust is called 'Funding the Trust'. Merely creating the Trust and naming the assets therein will not prevent the probate of those assets. To fully enable the wishes expressed in the Trust to take effect, the relevant assets should be placed in the Trust, by changing the title to the assets to indicate the Trust as their owner.

What is a Will?

Will is a legal document that outlines how your property should be distributed and how your dependents should be cared for after your death.

What is Probate?

Probate is the legal process by which a probate court distributes the assets of a deceased person according to their Will or State Law. 

What is Intestate Succession?

If you die without a valid Will or Trust or any other legal declaration indicating how your assets should be managed/distributed after your death, a probate court distributes the assets according to state laws. This process is called intestate succession, which may or may not align with your wishes.

What is Guardianship?

Guardianship is where a person other than a parent is authorized to care for and/or represent minor kids. Guardianship may also be established for the care of an incapacitated adult and/or their property. Such care takers are called Guardians. Guardians can be appointed  by a court or designated in a Will. For example, you may designate in your Will, a trusted family member or a friend to be a Guardian for your kids (and their property) who may not have attained adulthood at your passing. 

What is Power of Attorney?

It is a legal document authorizing a person to represent you and/or take decisions on your behalf in matters related to finance, property, health or personal welfare during your incapacity or otherwise.

What is Advanced Healthcare Directive?

It is a legal document outlining your preferences for medical treatment/care when you can no longer take them or communicate them. It may also authorize a trusted person to take medical decisions for you based on your wishes.

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What is Mediation?

Mediation is negotiation with a neutral’s assistance. When you have a conflict or dispute with another, and your own efforts to negotiate with the other side to resolve the conflict fails, you may need the assistance of a neutral party or a mediator. The dispute may involve more than two parties in some cases.

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What is the process like?

Mediation is less formal than litigation.  However, mediator may establish certain ground rules and decide on a process or strategy depending on the circumstances of the case, parties’ interests and their relationships to achieve the best possible outcome. 

Is it confidential?

Generally, disclosures made for the purpose of, or during mediation are considered confidential. This is subject to very few exceptions.

How does the mediator resolve the conflicts or disputes?

Mediator will help the parties come to an agreement in a consensual and collaborative manner. Mediator will identify issues that are preventing resolution of a conflict or smooth conduct of negotiation and will find ways to resolve those issues and help better communication between the parties by removing or reducing mistrust.

Does the mediator decide the dispute?

The mediator will not decide the dispute. The parties in the dispute will decide for themselves by negotiation with the assistance of the mediator. The mediator will help the parties realize for themselves their priorities and options that will help them come to a decision. If the parties want, the mediator may evaluate their case to help them decide what is the best course for them. In many cases, the parties come to a mutually satisfying agreement. However, sometimes the parties may not be able to settle or may decide that mediated settlement/agreement is not the best option for them. 

Does the mediator render legal advice?

Mediator does not give legal advice to any party in mediation. Any assessment by the mediator of a party’s position is in her role as a neutral/mediator and will not be a substitute for legal advice by an independent legal counsel retained by the party. This is applicable even where the mediator is also a qualified attorney. The parties may retain an independent legal counsel throughout the mediation process.

What are the benefits of mediation?

The parties participate voluntarily and decide for themselves. They do not have to abide by a decision imposed by a third party like an Arbitrator or a Judge of the court.   Mediation is usually less damaging to the relationship of the parties (compared to litigation) and the parties are usually more satisfied with the outcome because the parties have agreed to it voluntarily and hence are willing to comply with the terms of the settlement. The conflict/dispute ends early (unlike in litigation) and hence saves time and costs.

What is the cost of mediation?

The cost of mediation is much less than litigation (that often last for years) in many cases. If you do not retain an attorney to represent you in mediation, the cost of mediation will mainly involve the mediator’s fee and expenses incurred by the mediator for conducting the mediation. The responsibility for payment of mediation fee and expenses may be divided equally among all the parties in the dispute or may be borne by only one party depending on the circumstances.