The practice of estate planning involves advising individuals on the documents necessary to insure the timely and proper handling of their affairs during their lifetimes and following their deaths. If you own any property, real or personal, you need an estate plan. During your lifetime, Powers of Attorney allow you to identify the individual responsible to manage your financial affairs in the event of your absence or incapacity. Your Health Care Proxy, guided by your Living Will, is responsible for making decisions about your health care in the event you are no longer able to engage in the decisions, including end of life decisions.
At death, without an estate plan, the laws of intestacy for your state of residency will dictate not only how your property is distributed, but how minor or incapacitated children are cared for. An estate plan may involve nothing more than the adoption of a Last Will & Testament, or as circumstances dictate, trusts to avoid probate or estate taxation; trusts to protect children of a prior marriage, or trusts to preserve assets for future generations or incapacitated individuals. Individuals with significant life insurance may consider the adoption of an irrevocable life insurance trust. There is no standard estate plan; your particular situation determines the estate plan. Roark Law Office P.C. will take the time to become familiar with your circumstances and will create an estate plan which is right for you.