Estate & Legacy Planning
Don't leave life's most important decisions up to the state
A well-constructed estate plan provides clarity for both today and the future. We coordinate planning strategies that protect what you’ve built, articulate your wishes, and facilitate smooth wealth transitions, ensuring your legacy reflects your values and long-term vision.
Meet the Team
Michele Sweet
Accounting & Estate Planning Associate
Why Estate Planning is Important
Everyone has an estate plan, either the one you chose or the one the state gives you
Ensuring Your Wishes Are Followed:
A well-structured estate plan ensures that your wishes regarding the distribution of your assets and care for your dependents are carried out.
Protecting Your Family and Loved Ones:
By planning ahead, you can provide financial security and reduce the burden on your family during a difficult time.
Powers of Attorney, Wills and Trusts — All Costing on Average
70% less
Than Traditional Estate Attorney Fees
Key Components of an Estate Plan
Prioritize Your Family’s Future
Last Will and Testament: Communicates your final wishes pertaining to your assets and dependents. It provides instructions on what to do with possessions; whether they are left to another person, a group, or are donated to a charity; designates guardians for minor children or pets, and outlines management of accounts and financial interests. Without a will, the state decides how your estate is distributed, which may not align with your wishes.
Living Will: Specifies your wishes for medical treatment if you become unable to communicate. It may include topics such as life support, pain management, or organ donation.
Powers of Attorney: Grants someone the authority to act on your behalf in financial or medical matters if you become incapacitated. Types include:
- Financial Power of Attorney: Allows an appointed agent to make decisions about your property and finances.
- Healthcare Power of Attorney: Allows an appointed agent to make decisions about your healthcare. It’s a state-specific document that gives both your physician and the agent details on the kinds of medical treatment you desire. If you fail to appoint a healthcare agent while you are able, the probate court must appoint a conservator to make healthcare decisions on your behalf.
Trusts: A legal entity to which you transfer ownership of your assets. It empowers you to manage your assets during your lifetime and contains the details of how they are to be distributed at your death. Trusts can help avoid probate, provide tax benefits, and offer more control over asset distribution. Types include:
- Revocable Trust: Can be altered or revoked during your lifetime.
- Irrevocable Trust: Cannot be altered or revoked once established.
Beneficiary Designations: The act of naming the person(s) who will inherit an asset upon your passing, regardless of the terms of your will. Examples include retirement accounts and life insurance policies.
Letter of Intent: A document that provides additional instructions and information to your executors and beneficiaries, including your wishes for funeral arrangements and other personal matters.
5 Steps to Creating
an Estate Plan
1) Assess Your Assets
Start by listing all your assets, including real estate, investments, bank accounts, personal property, and digital assets. Determine their value and consider how you want them distributed.
2) Determine Your Goals
Consider your goals for your estate plan. Do you want to provide for your children’s education? Support a charitable cause? Ensure your spouse is financially secure?
3) Choose Your Executors and Trusees
Select individuals you trust to carry out your wishes. An executor will manage your estate, while trustees handle any trusts you’ve established.
4) Drafting the Document
Work with an attorney to draft the necessary legal documents, including your will, trusts, power of attorney, and healthcare directives. Legal expertise ensures these documents comply with state laws and effectively express your wishes.
5) Reviewing and Update Regularly
Review your estate plan every 3-5 years, especially after major life events such as marriage, divorce, the birth of a child, or significant financial changes. Updating your plan ensures it remains aligned with your current circumstances and goals.
5 Common Estate
Planning Mistakes
1) Not Having a Plan
Dying intestate (without a will) means your estate will be distributed according to state laws, which may not reflect your preferences.
2) Failing to Update the Plan
Life changes such as marriage, divorce, or the birth of a child require updates to your estate plan and beneficiary designations. Failing to update can result in outdated or irrelevant provisions.
3) Choosing the Wrong Executors or Trustees
Select individuals who are responsible, trustworthy, and capable of managing your affairs. Poor choices can lead to conflicts or mismanagement of your estate.
4) Not Considering Tax Implications
Effective estate planning includes strategies to minimize federal and state taxes, ensuring more of your assets go to your beneficiaries.
5) Overlooking Digital Assets
Include instructions for managing your digital assets, such as online accounts, social media, and digital files, to ensure they are handled according to your wishes.
Reduce the Stress of
Planning for the Future
Contrary to common belief, creating an Estate Plan doesn’t have to be complex. Our user-friendly platform makes the process smooth and hassle-free. Invest a little time now for a lifetime of security and peace of mind.
Powers of Attorney, Wills, and Trusts – all costing on average 70% less than traditional estate attorney fees.