Many people don’t think they have enough assets to need a will or that their assets will transfer directly to their beneficiaries. It’s important to understand the nuances of different legal documents.
| Wills | Trusts |
|---|---|
| A will is a document you create during your life that determines what happens to all your assets in your name after your death. | A trust is a private agreement between the person making the trust and the person managing the trust. Functions may begin during the rest of the creator’s life but also after their death. |
| These documents are public | Avoids probate |
Here’s what to expect, including how long it takes, what documents are usually provided and how to we make it as easy as possible.
3 Steps of Estate Planning
When planning your estate, there are many decisions that need to be carefully thought out and made such as:
| Will vs Trust | Beneficiaries | Guardians | Executors | Power of Attorneys (POA) |
|---|---|---|---|---|
| We don’t recommend taking a DIY approach to your estate plan thinking it will save money. We’ve seen all too often clients thinking one thing was going to happen and finding out in court later that isn’t the case resulting in thousands of dollars and often family turmoil that could have been avoided.
Our attorneys are trained to make sure your documents are properly filled out and can be executed when the time comes to do so. |
Beneficiaries are the people who benefit from your estate in the event of your passing.
While you have the freedom to choose who is named as a beneficiary our attorneys are here to guide you in the right direction. |
Parents want to make sure their children are taken care of in the event something catastrophic happens and they are no longer able to care for their children.
Guardianship is an important thing to consider when planning your estate and Al Spiegel answers some commonly asked questions on how to make sure your children are taken care of in the case of your untimely death. |
Choosing an executor is an incredibly important decision to make when planning your estate.
In the following videos, Al Spiegel discusses a few questions to ask yourself to determine if you’re choosing the right executor and explains what their role is in your estate planning |
Power of attorney privileges give people certain powers to act on your behalf if you’re ever unable to decide for yourself. |
After you create an estate plan you should consider where you keep it, who you inform and how often you update it.
3 Tips Now that Your Estate Plan is Done
We recommend reviewing your estate plan at least every 5 years.
Utilize the Estate Planning Beneficiary Check-up to keep everything up to date
At The McLario Firm we are here to plan for the worst-case scenario, so you don’t have to.
*Daniel Cobb (2022). 2022 Wills and Estate Planning Study by Caring.com.