© 2019 by Lungu Law Group, A Professional Corporation

 

 

 

 

 

 

Wills & Trusts

 

 

WILLS

Our will-based planning generally consists of a will, durable power of attorney and healthcare directive.  A will is a document that lays out how you want your assets to be distributed after you die.  If you die without a will, your assets will be distributed according to the state’s intestate laws, i.e., to your family members. Although creating a will is the very least you should have in place, sometimes just having a will in place is more likely to create conflict and problems. Most importantly, a will must be probated (go through the court system in order for your assets to be distributed). Probate is typically a very frustrating, time-consuming and needlessly expensive process.

 

TRUSTS

Our trust-based planning generally consists of a pour-over will, revocable living trust, durable power of attorney and healthcare directive. Having a trust as part of your foundational estate planning will keep your assets and loved ones out of court. While you are alive, you maintain control of those assets and if you become incapacitated or die, your chosen successor trustee (not the state) will step in your shoes to manage, protect and/or distribute your assets. This planning may save you tens of thousands of dollars, or more depending on the value of your estate.