HERMANN LAW PLLC
Estate Planning and Probate Law
“Planning for your family’s future”
What is an Estate Plan?
An estate plan is an easy and affordable way to plan for your family’s future. It can consist of a few simple documents, a complex plan, or something in between. It should be tailored to you and take into consideration your family situation, assets, and goals.
A good estate plan is important to have in place both during your lifetime and after your death.
During your lifetime - in the event that you become incapacitated and cannot make decisions on your own,
- A General Durable Power of Attorney allows you to appoint a trusted person to handle your financial affairs.
- An Advanced Healthcare Directive and “Living Will” allows you appoint someone you trust to make your healthcare decisons for you. You can also allow that person to make certain decisions for you regarding end-of-life care.
- A Revocable Trust allows you to transfer ownership of your property from yourself to a trust, and an alternate trustee of your choosing can then manage the trust for your benefit.
After your death,
- A Last Will and Testament allows you to state your funeral and burial wishes, direct the distribution of your assets, provide for payment of your debts, and nominate a guardian for your minor children. A will is a public document, and ownership of your assets pass to your beneficiaries only after the Probate process is complete.
- A Revocable Trust is used as a will substitute, and is not a public document. Upon your death, the assets in the trust will be transferred immediately to your beneficiaries in the manner which you specified in the trust document, without passing through the Probate process.