Ganim Law Group
Estate Planning Legal Services
Take the burden off your family and loved ones by planning who will manage the administration of your estate and other important matters in the event of your incapacitation or death. Every person over age eighteen should have a written plan, regardless of material wealth or station of life.
Ganim Law Group
Estate Planning Legal Services
By establishing an estate plan, you avoid expensive conflicts and make clear your intentions regarding who will receive your belongings. Different components, such as the ones listed below, comprise an estate plan. However, each person’s, or couple’s estate plan are customized to fit the unique needs of our clients.
REVOCABLE LIVING TRUST
A revocable living trust is similar to a last will and testament in that it is a legal document which outlines how your estate will be distributed. However, a revocable living trust goes into effect immediately when you sign it – rather than when you die. Your assets are moved into the trust, and you manage them while you are alive. As your life changes, the terms of your trust can be changed because it is revocable. Also, a successor trustee is named who has the right to manage the assets for you in the event of your incapacitation or when you eventually pass away. A revocable living trust is not subject to probate court provided the trust is properly funded; therefore, everything stays private.
LAST WILL AND TESTAMENT
A last will and testament memorializes your desires regarding how your estate will be distributed after your death, names guardians for minor children or dependents, expresses your desires for funeral arrangements and names an executor to legally be responsible for the administration of your estate. The last will and testament becomes effective upon death, is subject to probate court, and open to public record.
LIVING WILL
In the event you become incapacitated and are unable to communicate your desires due to a life-threatening medical condition, the living will is a legal document that states your preferences for end-of-life medical care.
DESIGNATION OF A GUARDIAN
If there is anyone in your life who depends on you for their care, such as minor children, an elderly person, or a disabled person, it is essential that you take the necessary legal steps to designate the person that will care for them if you are unable to do so due to illness or death. Without a proper designation, your dependent’s future is in the hands of the court system.
DURABLE POWER OF ATTORNEY
A durable power of attorney designates a person that is legally empowered to represent the interests of another person including transacting business such as opening a bank account, buying or selling real estate or managing financial investments. Depending on the need, the durable power of attorney can give broad or limited authority to make decisions regarding matters of this sort.
DESIGNATION OF HEALTH CARE SURROGATE
A designation of healthcare surrogate designates an individual empowered to make healthcare decisions on your in the event you are not able to do it for yourself.