Smart Steps for a Secure Future

Estate planning is the process of arranging the management and disposal of a person’s estate during their life and after death, while minimizing gift, estate, generation-skipping transfer, and income tax. Estate planning includes the drafting of legal documents such as wills and trusts to ensure your assets are distributed according to your wishes. For example, you might specify that your savings go to your children, while a cherished piece of jewelry goes to a close friend. It's about making sure your wishes are fulfilled and that your loved ones are taken care of in your absence.

Understanding Trust Administration

Trust administration refers to the trustees' management of trust property according to the trust document's terms for the benefit of the beneficiaries after the trustmaker's death. The administration process includes distributing assets according to the trust, paying debts and taxes, and maintaining accurate records. A common example involves a trust set up for a child that stipulates the assets be used for education, health, and general maintenance. It’s crucial for trustees to act impartially and in the best interest of the beneficiaries.

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Why Plan Your Estate?

Planning your estate is essential to ensuring your assets are handled as you wish without leaving your heirs with complicated legal issues. It provides peace of mind knowing that your loved ones are cared for and your financial wishes are respected, reducing the potential for family disputes. Proper estate planning can also significantly reduce taxes and other expenses, such as those examples where strategic planning enabled individuals to maximize their legacy while minimizing tax liabilities.

About the Basics

Working with an attorney streamlines the estate planning process. Contrary to common belief, it doesn't have to be complex. A basic estate plan may follow the following topics, each serving a specific purpose:

  • Trust

    A trust is a powerful estate planning tool designed to hold and transfer assets to a chosen beneficiary. Functioning as a legal relationship, the trust grants a trustee control over the assets until they are transferred to the beneficiary, with the flexibility to set guidelines for distribution. Trusts serve various purposes, from holding funds for a minor to bypassing probate during property transfer, and even minimizing estate taxes. With expertise in drafting different trust types, including Revocable Intervivos Trusts, Irrevocable Trusts, Supplemental Needs Trusts, and Irrevocable Life Insurance Trusts, we can collaborate with you to determine the most suitable trust for your current and future planning needs.

  • Advanced Directive (Living Will)

    A living will, or advance directive, lets you outline your preferences for end-of-life medical care, such as decisions on life-sustaining measures. While valuable for the terminally ill, we recommend even healthy adults to consider creating a living will to ensure their wishes are known.

  • What happens if I don’t have an estate plan?

    Without an estate plan, state laws will determine how your assets are distributed, which might not align with your wishes. Additionally, it can lead to longer, more costly court processes for your loved ones.

  • Can I change my estate plan?

    Yes, estate plans should be reviewed and can be changed based on significant life events, such as marriage, divorce, the birth of a child, or significant changes in financial status.



  • What is the difference between a will and a trust?

    A will is a document that describes how to distribute your assets after your death and can appoint guardians for minor children. A trust can begin distributing assets before death, at death, or afterwards, and it is not public record, which offers privacy and can avoid probate.

Learn How We Can Help

Every legal journey is unique. Discover how Perkins Law, PLLC can support yours. Contact us for a free initial consultation and start your path to success.

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