Estate Planning for Every Stage of Life.

Your Family. Your Money. Your Wishes.

Wills & Trusts

What is estate planning? We are often asked by clients what is meant by “estate planning.” The term “estate” conjures up images of large mansions and lavish lifestyles; but that is not what “estate planning” means. When you have assets, such as a home, small business, savings account, retirement plan, life insurance policy, jewelry, baseball card collection, or all of the above, you have what attorneys call an estate. If you have certain family members, loved ones, or charities that you want to make sure benefit from your estate when you pass away, then you should have an estate plan.

There is no “one size fits all” estate plan. What is appropriate for you depends on your family circumstances, your intended beneficiaries, and your assets. Some questions to consider: (1) Do you have minor children? (2) Do you have a family member with special needs? (3) Do you have a closely-held business interest? (4) Do you and your spouse have children from prior marriages, i.e. a blended family? (5) Did you and your spouse sign a prenuptial agreement? (6) Do you anticipate that there will be disagreements among family members about how your property should be divided after your death? (7) Are you concerned about estate taxes? (8) Are you concerned about keeping your estate plan private? (9) Are there relatives whose whereabouts are unknown? (10) Are there family members with substance abuse issues? (11) Are there family members who would not be able to manage large sums of money if they received it outright at too young an age? (12) Do you want to leave some or all of your estate to one or more charities?

Wills and Trusts are the tools commonly used to establish an estate plan. Depending on your circumstances and your assets, you may want a Will, a Trust, or both. Trusts can be revocable or irrevocable and can be structured in different ways depending on the income, estate, and gift tax results you are trying to accomplish. A trust is not necessarily appropriate for every client. It is very important to sit down with an attorney to discuss all of your options thoroughly before deciding on the plan of action which best suits your needs.

Advance Directives

Advance Directives are one of the most important parts of any estate plan. Advance Directives include healthcare proxies, funeral directives, and powers of attorney. Healthcare Proxies are used to appoint an agent to make healthcare decisions for you in the event you are unable to make them for yourself. Funeral Directives are used to appoint an agent to carry out your burial wishes. One of the main reasons for these documents is to avoid causing conflict or confusion for loved ones in the event of your illness or death.

A Power of Attorney is an estate planning document that we recommend to every client. It is a very powerful tool which will allow your agent to make financial decisions on your behalf. It should only be given to someone you trust very much. When properly drafted, this document will allow your agent to do Medicaid and elder law planning for you in the event that you do not do this planning for yourself while you have capacity. In the absence of a Power of Attorney, a guardianship proceeding may be necessary. Guardianship proceedings are much more expensive and time-consuming than Powers of Attorney so it is generally considered preferable to avoid them if possible. However, if you do not have a family member or friend whom you can entrust with your financial decisions, then it may be appropriate to forego executing a Power of Attorney so that the courts will appoint and oversee a guardian for you in the event you lose capacity.

If you do not already have these documents in place, we encourage you to schedule an appointment to discuss the importance of advance directives as soon as possible.

Estate Administration

Estate administration (also known as probate) and trust administration is what happens when the creator of the estate plan dies. It can be a fairly quick and easy process or it can be a protracted one, often depending on the complexity of the assets involved, the debts of the deceased person, and the degree to which the surviving family members cooperate with one another.

This can be an emotionally stressful time for the executor or trustee; they are often simultaneously grieving the loss of a loved one while trying to manage assets and navigate a process which can seem confusing at times. Beneficiaries and other family members may have many questions about the process, which need to be appropriately addressed in order to keep the parties informed and confident that their interests are being protected. The attorney’s role is to guide the executor or trustee through the process as economically and expeditiously as possible in order to facilitate the garnering of assets, payment of debts, filing of tax returns, and transfer of property to beneficiaries.

Dizon & Shedden: Experience and Compassion Combined for Your Peace of Mind

At Dizon & Shedden, P.C., we understand that estate planning or estate administration can be complex and feel overwhelming. Our dedicated team of attorneys is here to support you with clear, compassionate guidance through every stage. Whether you’re just starting to think about the future, need to update an existing estate plan, or need to navigate the process of estate administration after a loved one’s passing, we’re committed to your peace of mind and simplifying the legal aspects, so that you can focus on what truly matters.

We invite you to meet our team and learn why clients choose Dizon & Shedden. Then contact us today to schedule a confidential consultation to discuss your situation and how we can help.