Attorneys for Estate Planning, Wills, and Trusts

Estate planning, wills, trusts, and probate are all rooted in property law, which is the primary focus of our firm. More importantly, we have multiple attorneys with deep experience and knowledge in estate planning. We listen intently and tailor our approach to your situation. If you want a quick, simple, no frills estate plan for a low price, we will give you that. If you want a more detailed, customized, and strategic estate plan, we can give you that also. Before asking you to make a pricing commitment of any kind, we offer you a free introductory phone call with one of our attorneys to explore your options and next steps.

Every estate plan is different, but generally, the key items to consider in an estate planning checklist include:

1. Draft a will: A will is the cornerstone of your estate plan, detailing how you want your assets distributed, who will serve as the executor of your estate, and, if applicable, who will become the guardian of your minor children.
Set up trusts: Trusts can help you manage your assets, minimize taxes, and protect your assets from creditors or beneficiaries with financial challenges.

2. Review beneficiary designations: Ensure that your life insurance policies, retirement accounts, and other financial assets with designated beneficiaries are up-to-date and aligned with your overall estate plan.

3. Create a durable power of attorney: This legal document allows you to appoint someone to manage your financial affairs if you become incapacitated.

4. Establish a healthcare proxy and living will: A healthcare proxy designates someone to make medical decisions on your behalf if you’re unable to do so, while a living will outlines your preferences for end-of-life care.

5. Plan for potential long-term care needs: Consider options such as long-term care insurance, Medicaid planning, or setting aside funds to cover potential future care expenses.

6. Organize important documents: Compile your will, trust documents, financial records, insurance policies, and other essential paperwork in a secure location, and inform your executor or trusted family members of their whereabouts.

7. Regularly reviewing and updating your estate plan is crucial to ensure that it remains aligned with your changing personal circumstances, financial situation, and applicable laws.

8. Consulting with an estate planning attorney can help you navigate the process and develop a comprehensive plan tailored to your unique needs and goals.

Please see the Estimated Pricing section above for a general idea of what different estate plans might cost at Jones Property Law. The cost of estate planning can vary widely depending on the complexity of your financial and personal situation, as well as the specific legal services and documents required. A basic estate plan typically includes a will, durable power of attorney, and healthcare directives such as a healthcare proxy and living will. A slightly more advanced estate plan would include a trust to avoid probate. More complex estate planning, which may involve setting up trusts, tax planning, business succession planning, or addressing unique family circumstances, can be more expensive, with costs ranging from several thousand dollars to tens of thousands or more.

Estate planning is the process of organizing and managing your personal and financial affairs to ensure that your assets are distributed according to your wishes after your death, and to minimize potential taxes, legal fees, and disputes among heirs. The primary goal of estate planning is to provide a clear roadmap for the management and distribution of your assets, taking into consideration factors such as inheritance laws, taxes, and the financial needs of your family or other beneficiaries. A comprehensive estate plan typically includes a will, which outlines your wishes regarding the distribution of your assets, the appointment of an executor, and, if necessary, the guardianship of your minor children. It may also involve setting up trusts, designating beneficiaries for life insurance policies and retirement accounts, and creating legal documents such as durable powers of attorney and healthcare proxies to manage your affairs and make medical decisions on your behalf if you become incapacitated. Estate planning is an ongoing process that should be reviewed and updated periodically to reflect changes in your personal circumstances, financial situation, and applicable laws.

Jones Property Law can provide you with estate planning documents purely remotely, or online, if you prefer. However, you will need to physically print and sign these documents, and in most cases, you will need to sign them with a notary and/or witnesses. The signing process may involve following certain formalities which must be performed in-person rather than online. In other words, the document creation part of estate planning can be performed remotely or online, but the signing and execution process will likely require your physical presence. While online tools can be a useful starting point, they may not account for nuances in the law or address specific issues that could arise in more complex situations, making it crucial to weigh the benefits and limitations of online estate planning against the value of professional legal advice.

Wills and trusts can both be essential components of estate planning, but they serve different purposes and have distinct advantages and disadvantages. A will is a legal document that outlines how you want your assets distributed upon your death, names an executor to manage your estate, and, if necessary, appoints a guardian for your minor children. Wills are subject to probate, a court-supervised process that authenticates the will, oversees the distribution of assets, and ensures the payment of debts and taxes. However, probate can be time-consuming and costly, and the process becomes a matter of public record. A trust, on the other hand, is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. Trusts can be established during your lifetime or upon your death, and assets placed in a trust can bypass the probate process, allowing for faster and more private distribution to beneficiaries. Trusts can also provide greater control over how and when assets are distributed, which can be particularly beneficial for beneficiaries who are minors, have special needs, or may not be financially responsible. Additionally, certain types of trusts can offer tax benefits and protect assets from creditors.

In summary, wills and trusts serve different purposes within estate planning, and each has its benefits and drawbacks. While a will is a more straightforward and cost-effective option for distributing assets, a trust can offer increased control, privacy, and protection. Also, although a trust costs more up front, it saves money on the back end by avoiding probate. Many estate plans incorporate both wills and trusts to create a comprehensive and tailored approach to asset management and distribution. Consulting with an estate planning attorney can help you determine the best combination of wills and trusts for your specific needs and goals.