Will&Trust&Estate

A trust is simply a way to ensure that commitments you make to the financial security of others will continue. You can use a trust to:

  1.Continue to support a beneficiary with special needs or one too young to manage an inheritance

  2.Provide income to a loved one without the burden of managing the assets

  3.Give ongoing support to a favorite charity or cause

  4.Continue your business achievements

  5.Preserve family assets such as a cottage or property

We can provide you with professional advice on the role and structure of a trust, and serve as your Trustee, or Co-Trustee with a family member or other advisor. In these roles, we manage the trust assets, provide administrative services, and assist on taxation matters.

Probate is a process in which the court decides who receives assets that were owned by a person who has died. Assets are anything a person owns with value, such as property, cash, etc.

1.Payable-on-Death Bank Accounts

2.Retirement Accounts

3.Transfer-on-Death Registration of Securities

4.Transfer-on-Death Registration for Vehicles

5.Joint Ownership

   a) Joint tenancy with right of survivorship

   b) Tenancy by the Entirety

   c) Community Property With Right of Survivorship

6.Revocable Living Trusts

7.Gifts

8.Simplified Procedures for Small Estates

   a) Claiming Property With Affidavits -- No Court Required

   b) Simplified Court Procedures

A planned gift is any gift given for any amount, given for any purpose...operations, capital expansion, or endowment...whether for current or deferred use, which requires the assistance of a professional staff person, a qualified volunteer, or the donor's advisors to complete. In addition, it includes any gift which is carefully considered by a donor in light of estate and financial plans.

If the total value of all the assets you leave behind is less than a certain amount, the people who inherit your personal property -- that's anything except real estate -- may be able to skip probate entirely. The exact amount depends on state law, and varies hugely. If the estate qualifies, an inheritor can prepare a short document stating that he or she is entitled to a certain item of property under a will or state law. This paper, signed under oath, is called an affidavit. When the person or institution holding the property -- for example, a bank where the deceased person had an account -- receives the affidavit and a copy of the death certificate, it releases the money or other property.

It is a quicker, simpler version of probate. The probate court is still involved, but it exerts far less control over the settling of the estate. In many states, these procedures are straightforward enough to handle without a lawyer, so they save money as well as time.

Estate planning is the process by which an individual, family or a counsel of professional advisors, who are familiar with your goals and concerns, your assets and how they are owned, and your family structure, arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.