Estate Planning

Many individuals mistakenly believe that Estate Planning is only for the wealthy, but in reality, it involves much more than just distributing assets. At LeRoy Peterson Law, we understand the importance of comprehensive Estate Planning, which includes the following essential elements:

• Medical Decisions:  Prepare for the possibility of incapacitation by outlining your medical decisions, including life support preferences and duration.
• Beneficiaries:  Determine the beneficiaries of your entire estate, ensuring your assets go to the right individuals or causes.
• Guardians:  Nominate preferred legal guardians for your minor children, providing them with a secure future.

Last Will and Testament:

Your Last Will and Testament serves as evidence in a Probate proceeding and outlines how your assets will be distributed. This document also identifies your chosen Personal Representative, responsible for managing your estate.

Trusts:

Trusts are agreements where one party (the trustor) transfers property to a second party (the trustee) for the benefit of a third party (the beneficiary). Trusts can help avoid Probate and simplify asset distribution, especially for minor children.

Power of Attorney (POA):

A POA allows you to designate someone (your agent) to make decisions on your behalf when you cannot act for yourself. It is essential to choose a POA for financial and medical decisions, and you can appoint different individuals for each role.

Living Wills:

A Living Will provides crucial guidance for your medical care if you are unable to make decisions for yourself. It articulates which medical actions should or should not be taken in terminal situations, ensuring your wishes are respected.

Guardians:

If you have minor children, it is vital to nominate legal guardians who will take care of them in the event of your passing. Consider appointing successor guardians to ensure preparedness for any situation.

Reasons Why You Need an Estate Plan

Intestate Probate:

Without a Will, your family will have to navigate the complex “Intestate Probate” process, leaving state laws to determine how your asset will be distributed. This lengthy and avoidable process can be simplified with proper planning.

Incapacitation:

If you don’t have a Power of Attorney, you could force your family to hire an attorney and go through a costly legal process to manage your property and medical decisions with a court appointed Guardian and/or Conservator.

Guardianship for Minor Children:

If you pass away without a Will and have minor children, you won’t have a say in who becomes their legal guardian.