Naturally, there are a lot of questions and concerns regarding legal work. We are here to help you and answer any question you may have.
Do I really need to probate my spouse’s will at his/her death?
Many people believe that as long as you own everything jointly, probating the Will of a spouse who has passed is not necessary. However, depending on your assets and your family situation, you may have ownership and title issues in the future if you fail to probate. Reviewing your unique situation at the time of loved one’s death is important to protect you in the coming years.
Can I use an online form for my Will?
While there are many “DIY” options on the internet for your estate planning, form wills often do not address the specifics of your family. An estate planner will ask questions and offer guidance that will enable you to express your goals for the legacy you ultimately want to leave your family. Without assistance, you risk making a costly mistake that can not be undone at your death.
How much will it cost to have my Will/Trust drafted?
We do not publish set prices, however, most of our estate planning is done via a firm fee quote. Once we determine what you will need, we will give you a quote before we begin. This way you can know how much a project will cost before you commit.
Do I really need a formal legal structure for my small business?
Even small side businesses need a formal structure. What entity you choose to use will depend on the nature of your business, the ownership structure and your future growth plans. We can assist you in choosing the structure, setting it up and maintaining it as your grow.
Do I need a Will/Trust if my children’s names are on my assets?
The simple answer is yes. Putting other names on your assets (other than a spouse) can subject you to serious liability issues and can put your assets at unnecessary risk. Before taking this step, you should discuss your plans and intentions with an estate planner. There are alternatives that will ensure your assets are safe while allowing your family to assist you if needed.
Will my beneficiaries have to pay taxes on their inheritance?
Most estates will not incur estate taxes, however, there are potential income tax and capital gain issues that should be considered. Larger estates should be evaluated for estate tax issues. Special planning may be needed to protect estate tax credits.
How often should I review my estate planning?
Your estate planning should be reviewed at least every five years. In addition, if you have a major life event in your immediate family (marriage, birth, death or serious illness) you should consider if it will affect the plans you have made. Retirement is also a good time to review the plans you have made as you transition to a new phase of life.
What do when a loved one dies without a Will?
Dying without a Will is referred to as Intestacy. Will it is a myth that the state will get your assets, it is true the state will tell you how to distribute them.
A court procedure and official estate is still necessary and absolutely required when there are assets that need to be retitled. We can assist you in determining who should apply to be the Administrator, what assets will be under court supervision and when to make distributions.