Author: WB Admin

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday July 18th, 2024.

Estate planning does not start and end with a will. To ensure your designated beneficiaries are well-protected after you pass on, you need to have a clear and detailed road map of how your assets will be transferred. Here are four essential documents you should consider:

A Comprehensive Will

When crafting the will, be sure to name an Executor to avoid costly legal battles among your beneficiaries. You may also want to determine the guardianship of your non-financial assets, such as your pets, art collection, and young children, in your will. To be sure that your will remains valid, draft it with the help of a seasoned Estate Planning attorney.

A Living Trust

While the will kicks on after you pass on, a living trust is a powerful tool that can help you manage your assets while alive and ensure a seamless transfer after your death. As the name suggests, the assets in a “living” trust will still be under your control until you pass on. 

The primary advantage of having a trust is that all the assets under it are not subject to the probate process. Probate processes are not only time-consuming and costly to your beneficiaries but are also carried out in public courts. 

The Power of Attorney

A great estate plan does not just cover the death aspect but also goes as far as outlining the steps to be taken if you become incapacitated. In such a case, you would need someone you trust to take charge of your financial and legal decisions. That is essentially what is called the power of attorney. You can designate an Attorney-in-fact to take charge of all your life decisions or limit them to specific actions.

Letter of Intent

Letters of intent are not legally binding. However, they can help clarify your wishes further, particularly when it comes to things like burial arrangements and distribution of your sentimental items.

Contact Us

Whether you need to draft a will or establish a trust, you can rest assured that Wickersham and Bowers will deliver. Call us today to talk to our estate planning attorney.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday June 17th, 2024.

Estate planning is a critical process involving the transfer of your assets and estate after you pass away. Writing a will or setting up a trust can help avoid conflicts between beneficiaries after death. Estate planning involving minors or incapacitated beneficiaries includes the nomination of a guardian. You or the court may appoint a guardian to care for your children when you pass away. A guardian is a custodian who oversees a deceased’s estate on behalf of beneficiaries, protecting their interests. Here are the roles of guardianship in estate planning:

Managing Inheritances and Assets

A guardian oversees the distribution and management of your property and assets on behalf of your minor or incapacitated heirs after you pass away. In most cases, the guardian is responsible for managing their ward’s finances, assets, and property until the beneficiary turns 18. Guardianship for incapacitated adults ends when the beneficiary regains their ability to manage their inheritance. Only the court can settle, close, or extend the guardianship after addressing all pending business.

Making Decisions on the Beneficiaries’ Needs and Well-Being

Guardianship in estate planning is not just about managing the deceased’s property and assets on behalf of the beneficiaries. It also involves making critical decisions about the beneficiaries’ education, healthcare, and upbringing. Guardians have a duty of care. The appointed guardian caters to the ward’s welfare and overall well-being, aligning with the deceased’s wishes and preferences. For this reason, choosing the right guardian is more critical than ever.

Providing a Status Report

A guardian is responsible for executing your estate in line with your wishes. Most guardianships have guidelines specifying the management of your estate and the guardian’s limitations. With this in mind, the law requires guardians to provide annual reports of the ward’s estate, financial accounts, and well-being to the court or relevant legal party to reinforce transparency.

Get in Touch With Us

Our dedicated attorneys at Wickersham and Bowers provide personalized estate planning solutions aligning with your needs. Our guardianship lawyers offer personalized guidance when appointing a guardian for your estate. We can also help you prepare legal documentation, ensuring guardians do not overstep their limitations and that beneficiaries receive their rightful inheritance when you pass away. Contact us today to schedule a free consultation with our team.

On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Monday May 20th, 2024.

Currently, around ten states in the U.S. have legalized voluntary assisted dying (VAD). These include California, New Mexico, Hawaii, New Jersey, and Colorado. 

Nonetheless, physician-assisted dying still remains a complex issue, with lots of social, ethical, and legal considerations. VAD also has implications in estate planning that you should consider if you wish to pursue the procedure.

Family Dynamics

The decision to pursue voluntary assisted dying can be emotionally and psychologically taxing. Some family members may support the decision, while others may struggle to deal with the potential loss. The potential disagreements from the opposing parties may affect inheritance plans and possibly even lead to litigation. When planning for VAD, you need to have frank conversations with estate beneficiaries and trustees to ensure they remain on the same page.

Unforeseen Circumstances

Although VAD is usually scheduled, you may die before the selected date, particularly if you have a terminal illness. To prevent disputes, it is advisable to keep the estate documents up to date at all times. You may also want to let your beneficiaries know about the will and other documents in advance. This helps you sort out any issues before they blow up.

End-of-Life Planning

Patients set to undergo VAD typically need to draft additional documents like Advance Directives, Living Wills, and healthcare proxies. These documents allow you to outline your healthcare preferences and designate a power of attorney to act on your behalf if you become suddenly incapacitated. Drafting these documents is a whole other process and may require consultation with your lawyer.

Life Insurance Considerations

Some life insurance policies may not offer compensation if death results from voluntary assisted dying. Some insurance firms pay partial compensation, while others only issue a refund of the premiums paid. Before making the VAD request, you should first review your policy contract.  It also helps to talk to an estate planning attorney or your insurance provider to learn how you can protect your beneficiaries.

Get in Touch With Us

Estate planning can be an emotionally taxing process. At Wickersham and Bowers, we can take the load off your shoulders. Contact us today for assistance with estate and end-of-life planning.