Legal Services
Wills and Trusts
A will is a legal document that allows a person to make decisions regarding how his or her estate will be managed and distributed upon death. It is prudent for all adults with minor children or notable assets to have a will.
A trust establishes a fiduciary relationship in which a party (settlor) gives a trustee the power to hold and manage financial assets or other property for the benefit of another (beneficiary). There are different types of trusts that may be utilized for a variety of reasons, including reducing or avoiding estate taxes, protecting assets from creditors, and providing care for family members.
Powers of Attorney
Establishing fiduciary relationships prior to experiencing incapacity, disability, or other complications is a vital step in the estate planning process. Legally establishing these relationships will allow family members or other trusted individuals to make health care decisions and execute financial transactions on your behalf, if necessary.
Executing powers of attorney for health care and financial matters well before health issues arise may greatly reduce the burden on family members or other loved ones and help to ensure that all your health and financial needs are properly addressed.
Trust Administration
Trusts can be very useful legal tools. However, acting as trustee can be a daunting task. Every trust is different, but they generally require trustees to manage assets, make periodic distributions, provide notice to creditors and beneficiaries, and maintain a detailed accounting of trust assets.
It is important to understand and adhere to your responsibilities as trustee since failing to do so could potentially result in personal liability. If you have questions about fulfilling your duties as trustee, you should contact an attorney for assistance.