Thank you for your interest in Express Estate PlansSM. You should consider several questions to determine whether an Express Estate PlansSM is appropriate for you.
Is an Express Estate PlanSM appropriate for me?
Over the years of assisting clients in preparing their estate plans, it has become apparent that most clients’ estate planning needs are fairly simple and straight forward. Our Express Estate PlansSM are designed for individuals who do not have complicated needs or desires relative to planning their estates.
Which Express Estate PlansSM are available?
Express Trust Estate Plans include a Living Trust, Pour Over Will, Durable Power of Attorney, Power of Attorney for Health Care, Living Will (where available), and Certificate of Trust.
Express Will Plans include a Will, Durable Power of Attorney, Power of Attorney for Health Care, and Living Will (where available) .
Which is the best Express Estate PlanSM for me?
Deciding upon an appropriate estate plan is really a matter of considering your goals in creating your estate plan. If you own property that will have to go through probate at the time of your death (essentially any real estate or personal property owned in your name individually), and you want to avoid having that property go through probate, then you should consider an Express Trust Estate Plan. This Plan is designed with the primary goal of avoiding probate.
The Express Trust Estate Plan is also appropriate for parents who do not want children or grandchildren to receive their inheritance when they turn 18, but want the inheritance to be held in Trust to be used for college or trade school education, or to be held in trust until the child or grandchild reaches a more mature age.
The Express Will Estate Plan is for individuals who have decided that it is OK for their property to go through probate at the time of death. Perhaps you do not own much property that will have to go through probate if you were to die. However, the Plan does include both Durable Power of Attorney and Power of Attorney for Health Care which are intended to avoid probate court involvement in the event of your incapacity.
Do I have any special needs that cannot be addressed in an Express Estate PlanSM?
Express Estate PlansSM can serve as the foundation for most clients’ estate planning needs. However, some situations will require drafting additional provisions, for which additional fees may be charged, such as special needs planning, Q-Tip Trust provisions, or any plans involving extended distributions.
The special planning issues that arise with second marriages and blended families also require particular consideration. Often times the goal of each spouse is to maintain their respective estates for their own children, rather than having their estates go to their spouse or their spouse’s children. In this case, it would not be appropriate to have an estate plan that could be changed by the surviving spouse (such as a joint revocable living trust), or a Will based estate plan where the surviving spouse could elect to ignore the Will and take his/her share of the estate as provided by State law.
An Express Estate PlanSM can be prepared for a couple with blended families. Before doing so, however, the attorney might require an initial telephone consultation to discuss the various options.
Do I have to do anything else after I sign my Express Estate PlanSM?
If you have an ExpressTrust Estate Plan, it will be necessary to “fund” your Trust in order to accomplish your goal of probate avoidance (and Federal Estate Tax reduction where applicable). Funding your Trust is simply the process of transferring ownership of your assets to your Trust. It might also be necessary to change beneficiary designations on life insurance policies, annuities, Individual Retirement Accounts, Pension Plans and any other programs that have beneficiary designations.
Your Express Trust Estate Plan does not include assistance in funding your Trust. You will be responsible for making any decisions about, and taking any action to, transfer assets to your Trust. However, your Express Trust Estate Plan will include general directions about how to transfer various assets to your Trust. Additionally, it is likely that the Express Estate PlanSM Authorized Facilitator who assists you in obtaining your Plan will be able to assist you with funding.
Your Express Estate PlanSM will also include a Power of Attorney for Health Care. You will have to make arrangements to have the named Patient Advocate sign the acceptance of appointment.
How much will the Express Estate PlanSM cost?
Express Estate PlanSM are very affordable. Most clients discover that they pay less than 1/2 of the cost of having their estate plan prepared elsewhere.