When most people think of estate planning, they think of wills. While wills and trusts can be the final result of estate planning, estate planning is actually a process. Estate planning involves systematic planning for the control, maintenance, and disposition of assets as well as meeting the needs of the person themselves. Estate planning, therefore, involves not only testamentary planning (what happens to your property at death) but also lifetime planning. Lifetime planning can include such issues as money management, retirement planning, incapacity planning, business succession planning, long term care planning, and planning to deal with family dynamics. Estate planning frequently involves planning to minimize taxation i.e. state and federal estate taxes, gift taxes, capital gains taxes, and income taxes. Our firm can assist in all these areas,

Probate

Many people are confused as to what probate is, and are frequently fearful of the process. The term “Probate” actually means proving the will. It is a process required to transfer assets that a person owns when he or she dies. However, people are frequently surprised when I meet with them, after their loved one dies, and I tell them that little or no probate is required. This is because probate is only required when a person dies owning “probate assets,” meaning assets held in his or her own name. Many people own “non-probate assets” that do not have to be probated. Examples of “non-probate assets” include property held in joint tenancy with right of survivorship, property paid by beneficiary designation, payable or death accounts, property held in a revocable (living) trust, etc.

Even when probate is required, there are frequently less complex forms of probate that can be utilized. While we have handled complex and contested probate cases, we find that most probate matters can be done by informal probate, summary procedures, affidavits, and other less expensive methods.

Trust Administration

While revocable trusts are designed to avoid probate, there are still administrative steps that have to be taken when the grantor or settlor (or the creator of the trust) dies. It is usually simpler to administer a trust estate, but the same administrative steps have to be followed (1) gather the assets; (2) pay the debts, claims and expenses; and (3) distributing the remaining assets as the trust directs. The advantage of trust administration is that the process can be done privately and without court involvement. With the initial assistance of our firm the successor trustee can also frequently do most of the administration. Of course, we remain ready to assist the trustee with any legal issues that may come up.

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