Estate Planning

Develop Your Estate Plan

Trust and Estate Planning is the process of developing legal documents to provide for the management of your affairs during your lifetime if you become incapacitated, and for the passing of your property upon your death. Developing an estate plan is an important opportunity to ensure: (1) your desires are known and implemented; (2) that the people you want to manage your affairs are delegated those roles and given authority to act; and (3) you and your intended beneficiaries are provided and cared for upon your incapacity or death, with minimal disruption. While many see Trust and Estate Planning as a somber endeavor, it is really an empowering opportunity to take control over your property and affairs and plan for your future, as you see fit.

Every estate plan is unique to a client and the client’s assets and circumstances. Lucey Law, PLLC works with its clients to gain a deep understanding of every client’s goals, concerns, priorities, wishes, and assets, in order to develop a plan to implement the client’s objectives as seamlessly as possible. Comprehensive Trust and Estate Planning should involve planning for your incapacity during your lifetime and for the passing of your property upon your death.

Lucey Law, PLLC will work with you to
develop a comprehensive estate plan that provides for your care and accomplishes your gifting objectives

Planning for Incapacity During Your Lifetime

To plan for your incapacity during your lifetime, you can develop and sign a Financial Power of Attorney and a Medical Power of Attorney. A Financial Power of Attorney gives someone the ability to manage your financial and legal affairs. A Medical Power of Attorney gives someone the ability to make medical decisions for you only after you become incapacitated, and it may include your Living Will or Advance Directive. A Living Will or Advance Directive will state your preferences about end of life decision making.

Planning for Loved Ones & Assets After Death

You can generally pass property at your death by the following means: by a Will; by a Trust; by beneficiary designation or other nonprobate transfer; and by holding the property as joint tenant with right of survivorship, in which case the property will automatically pass to your joint tenant. Individuals often do not realize that each one of these transfer means is a separate transfer regime, and these transfer regimes operate independently of one another and must be coordinated. When planning for the passage of your property upon your death, it is important to understand and consider how your property is currently held, in order to make sure your property overall passes consistent with your gifting objectives. Often times, your holdings or beneficiary designations may need to be restructured so your broader gifting strategy operates as you intend.

When planning for the passing of property upon your death, clients should learn about and consider a variety of factors and options, including probate avoidance, transfer on death options and limitations, the ability to use trusts to delay gifts to or manage assets for beneficiaries, as well as estate and income tax planning considerations. Estate plans generally use a Will or Trust as the primary means for the passing of your property, and those instruments will need to be coordinated with nonprobate transfer methods, such as beneficiary designations and transfer on death deeds.

Learn more about the specific elements that your estate plan may include below.

Elements of Estate Plans

  • Will

    A Will is a legal document that transfers property in your sole name upon your death. It must be executed in accordance with state and local law. Assets passing under a Will are generally subject to a Probate Administration.

  • Trusts

    A Trust is an agreement whereby a Trust’s creator (called a Grantor or Settlor) transfers property to a Trustee, to be held and managed by the Trustee for the benefit of Trust’s beneficiaries. The Trust may be revocable or irrevocable. A Trust can be used for incapacity planning. Property in a Trust will avoid probate.

  • Financial Power of Attorney

    A Financial Power of Attorney gives someone the ability to manage your financial and legal affairs. The document can go into effect immediately or upon you becoming incapacitated. A Financial Power of Attorney is immediately ineffective and cannot be used upon your passing.

  • Medical Power of Attorney & Living Will

    A Medical Power of Attorney gives someone the ability to make medical decisions for you only after you become incapacitated. A Medical Power of Attorney can include a Living Will or Advance Directive, where you state your preferences for end of life treatment and care.

  • Nonprobate Transfers

    There are a variety of ways to transfer property directly at your death by deed or contract, avoiding the need for probate as to that particular asset. Common examples include beneficiary designations (also called Transfer on Death Designations, or Payable on Death Designations), Transfer on Death Deeds, and changing asset ownership to Joint Tenant with right of survivorship.

  • Planning for Business Interests

    Planning for your business interests will depend on the nature of the business and your interest in it. For example, you may be able to assign and transfer your interest to your Trust. You may be able to pass your interest by a beneficiary designation. You may need to update and amend your operating agreement. A careful review and analysis of the relevant business documents will enable us to craft a plan for the transition of your interest. Depending on the nature of the business and your interest, it may also be appropriate to do business succession planning.