ESTATE PLANNING

LAST WILL & TESTAMENT

Without a will, your property will be divided based on the rules in your state, which are the same for everyone. A will allows you to control what happens to your estate after your death. In your will, you can define assets, name beneficiaries, assign guardians for your children, plan for funeral arrangements, provide for pets, and appoint an executor to carry out your wishes within the will.

LIVING TRUST

A living trust is a legal entity that holds title to your property to be managed by a designated person called a “trustee.” The trustee could be you while you are alive or another appointed person. Living trusts have the advantage of making funds and assets available more quickly than wills. The assets included in the trust could be distributed upon your death or if you become disabled. Unlike wills, living trusts do not have to go through the standard probate process, so funds can be distributed to cover your death expenses or to care for minors or disabled family members immediately upon your death.

Some benefits of having a living trust are:

• They are private documents

• Faster distribution of assets

• No court involvement at distribution

SPECIAL NEEDS TRUST

A Special Needs Trust (SNT) is a type of trust created for the benefit of someone with a disability. A SNT is a great way to set aside assets to be able to care for a loved one with a disability if his or her primary caregiver passes away or is no longer able to provide care. It is irrevocable and all of the assets in the SNT are protected from creditors and lawsuits.

If you have a loved one who would benefit from a Special Needs Trust, I’m happy to help.