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 your 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.