Chubbuck Duncan & Robey is pleased to offer estate planning legal services. This is part of our continuing work to provide effective, efficient, and ethical legal services for our clients.
The idea of our own death or incapacity is something few of us want to ponder. But planning in advance will help avoid placing our loved ones in a difficult position and unprepared in case that occurs. Most importantly, estate planning makes sure that your wishes are honored and you have peace of mind that your family will not be over burdened.
Preparing an Estate Plan is the answer to this problem.
Our attorneys can prepare the appropriate legal documents to make an estate plan work for you -- making sure that your wish as to what happens to your property is met.
Some of the documents prepared may be:
Power of Attorney
A Power of Attorney vests in another person the legal right to do carry out certain acts on your behalf. That release of such authority should be carefully considered and can be limited to a specific, predetermined activities, such as closing the sale of a home, or oversee specific assets. Depending on your individual situation, the document can be drafted to grant temporary or permanent authority to act on your behalf. Likewise, the power may be drafted to take effect immediately, or only upon the occurrence of a future event, usually a determination that you are unable to act for yourself due to mental or physical disability.
Health Care Power of Attorney
A Health Care Power of Attorney is a legal instrument that allows you to select the person you want to make healthcare decisions for you if and when you become unable to make them for yourself.
Revocable Living Trust
The term “living trust” is generally used to describe a trust that you create during your lifetime. A living trust can help you manage your assets or protect you should you become ill or disabled. A "living trust" is legally in existence during your lifetime, has a trustee who currently serves, and owns property which (generally) you have transferred to it during your lifetime. While you are living, the trustee (who may be you, although a co-trustee might also be named along with you) is generally responsible for managing the property as you direct for your benefit. Upon your death, the trustee is generally directed to either distribute the trust property to your beneficiaries, or to continue to hold it and manage it for the benefit of your beneficiaries. Like a will, a living trust can provide for the distribution of property upon your death. Unlike a will, it can also (a) provide you with a vehicle for managing your property during your lifetime, and (b) authorize the trustee to manage the property and use it for your benefit (and your family) if you should become incapacitated, thereby avoiding the appointment of a guardian for that purpose. Living trusts, when fully and properly funded, can also help you avoid probate, a costly and time-consuming process.
Will
A will is the most basic way to plan an estate. A will is a legal instrument that permits a person to make decisions on how his estate will be managed and distributed after his/her death and serves a variety of important purposes. For instance, a will 1) allows a person to select his heirs rather than allowing the state laws of intestacy to choose the heirs, 2) allows a person to decide which individual could best service as the executor of his estate, distributing the property fairly to the beneficiaries while protecting their interests, rather than allowing a court to appoint a stranger to serve as administrator, and 3) safeguards a person’s right to select an individual to serve as guardian to raise his or her young children in the event of his death.
Pour-over Will
A Pour-over Will works in conjunction with your revocable living trust by providing for disposition of assets not originally included under the revocable trust.
At Chubbuck Duncan & Robey, P.C., our commitment to providing effective, efficient, and ethical representation has spelled success for our clients. We pledge to give each client the time, attention, and respect necessary to achieve their goals.
Call us today (405-236-8282) to schedule your free estate planning consultation.