Preparing for the Future

Planning for the future is one of the most beneficial things you can do for your loved ones. While it is not something that is generally pleasant to think about or talk about, clients often have a sense of relief once the process is completed.

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Who Needs an estate plan?

Anyone with minor children needs to have a will that assigns who they would want to be guardian of their children should something happen to them. This is not a decision that you want left to the courts. Secondly, you will need an estate plan if you want to leave your assets differently than the statutory distribution. If you want to choose who will make decisions about your health or finances, you need a power of attorney. This ensures someone you trust can act for you if you are unable to do so. Additionally, if you want avoid the probate process, you may need a trust or a transfer on death deed.

Estate Planning FAQs

Should I just add my child’s name to the deed to my house?PJ2026-02-16T23:35:31+06:00

Should I just add my child’s name to the deed to my house?

Typically, that is not a good idea. First, you lose certain tax benefits that come from inheriting a house versus gifting a house during your lifetime. Second, you could be allowing your house to become an asset that is subject to judgments that may be entered against your child. If your goal is to transfer your house to your child after you pass, doing so through a Transfer on Death Deed, Will or Trust is a better option.

When should I get a Power of Attorney?PJ2026-02-16T23:37:14+06:00

When should I get a Power of Attorney?

The best time was yesterday. The second-best time is now. A Power of Attorney can only be created when someone has capacity to do so – meaning that they understand what they are signing. Once someone is incapacitated it is too late to create a Power of Attorney and guardianship may be the only option.

I have signed my Trust. What’s next?PJ2026-02-16T23:38:04+06:00

I have signed my Trust. What’s next?

Signing your Trust is like buying a basket – once you buy it, you need to fill it. That means transferring property into the name of the Trust or making the Trust the beneficiary of assets that cannot be transferred into the name of the Trust. This also requires routine maintenance to make sure you haven’t made purchases or transfers that are not within the Trust.

Wills

A will is a document you create during your lifetime. It states who will receive your assets and in what amounts after your death. Your will also determines who will be in charge of making those distributions (the executor). It is not a “one size fits all” document. And counsel from an experienced attorney can assist you in choosing the right document for you.

Trusts

A trust determines who will receive your assets after you pass away. The difference with a trust is that you have the ability to give directions about what happens well into the future, not just at the time you pass away. Trusts are also used to avoid the need for probate through the courts. Additionally, they handle complex situations were there may be blended families or business interests to consider.

Powers of Attorney

There are two types of powers of attorney: healthcare and property. A healthcare power of attorney appoints someone to make medical decisions for you in the event you are unable to make them yourself. Alternatively, the property power of attorney appoints someone to make financial decisions for you if you are unable to do so.

Transfer on a death Deed

This type of deed, commonly known as a TODI (transfer on death instrument), allows you to transfer your residential real estate to someone else upon your death. Meaning it provides a straightforward way to ensure your home passes directly to your beneficiary without the delays or costs typically associated with probate.

Trust and Estate Administration

Being appointed Executor of an estate or Trustee of a Trust can seem like a daunting task, but you don’t have to face it alone.

Let us help you navigate everything from settling debts of the estate to selling property and distributing assets.

Is there a disagreement between administrators or between heirs? Not sure how to resolve conflict during estate administration?

We can help. We can work with you and you other trusted advisors such as realtors and tax professionals to make the process as smooth as possible.

Let’s Discuss Your Concerns

Preparing for the Future

Who Needs an estate plan?

Estate Planning FAQs

Should I just add my child’s name to the deed to my house?

When should I get a Power of Attorney?

I have signed my Trust. What’s next?

Wills

Trusts

Powers of Attorney

Transfer on a death Deed

Trust and Estate Administration

Being appointed Executor of an estate or Trustee of a Trust can seem like a daunting task, but you don’t have to face it alone.

Is there a disagreement between administrators or between heirs? Not sure how to resolve conflict during estate administration?

Let’s Discuss Your Concerns

Let’s Discuss Your Concerns

Keith Short & Associates

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