If you do not have a will or trust, then the government is the one who distributes your property. The process is called “intestate administration,” in which the government, through the court, directs the distribution of all your property, via statute.
The number of individuals with wills or trusts has been steadily on the decline since 2018, and this decline is only worsening.
If you do not have a will or trust, then your property stays in your name till your next of kin starts a court case that has the government distribute the property. Alternatively, you can draft legally valid, testamentary documents (either a will or a trust) and the property will be distributed according to your wishes.
Here at The Marecki Law Firm we can help you avoid that.
Here are some of the key services we offer:
- Will Creation: We assist in the preparation and drafting of wills, ensuring that your assets are distributed according to your wishes and that your loved ones are provided for. We ensure that your will is legally valid and reflects your intentions.
- Trust Creation and Administration: The benefit of a trust is that a will still requires your loved ones to go to court and have the estate administered. The government is not the one who decides the distribution of your assets if you have a will, but a court case must still be started. A trust makes it so that your loved ones do not have to go to Court to get your inherited property. All a trustee has to do is have a copy of the trust and they have the authority to sell property, pay debts, and distribute your estate. Our firm helps establish trusts, such as revocable living trusts, irrevocable trusts, special needs trusts, and charitable trusts. We guide you in choosing the appropriate trust structure to achieve your goals, minimize taxes, and protect your assets. Additionally, we provide ongoing trust administration services to ensure the proper management and distribution of trust assets.
- Powers of Attorney and Healthcare Directives: We help you designate trusted individuals to make financial and healthcare decisions on your behalf in case of incapacity. Our attorneys assist in preparing powers of attorney and healthcare directives to ensure that your wishes are followed and that your interests are protected. Without a Do Not Resuscitate Order (“DNR”) you will be kept alive with artificial assistance; alternatively with a DNR your family can present the same to the hospital and let you pass on, on your terms.
- Asset Protection Planning: We work with you to develop comprehensive asset protection strategies to safeguard your wealth from potential risks, such as creditors, lawsuits, and long-term care expenses. We utilize legal tools and structures to shield your assets and preserve your financial security.
- Business Succession Planning: If you own a business, we assist in creating a business succession plan to ensure a smooth transition of ownership and management upon retirement, disability, or death. We help you develop a plan that addresses the transfer of business assets, outlines management succession, and minimizes tax implications.
- Probate Avoidance: We help you explore options to minimize or avoid probate, such as establishing living trusts or utilizing beneficiary designations. Our goal is to simplify the estate administration process, protect your privacy, and minimize costs and delays.
- Estate Administration: In the event of a loved one’s passing, we provide compassionate and comprehensive estate administration services. Our attorneys assist in navigating the probate process, distributing assets to beneficiaries, handling creditor claims, and ensuring compliance with legal requirements.
- Estate Litigation: Should disputes arise concerning the validity of a will, trust, or other estate planning documents, our firm offers skilled representation in estate litigation matters. We advocate for your interests and work towards a fair resolution through negotiation, mediation, or, if necessary, litigation.
Having a will and/or trust is the most important thing you can do while you are alive. Once it is done, you can say, confidently, that you have done everything you needed to while you were here, and provided everything you could for those around you. When your financial house isn’t in order, it can cost you and your family dearly. Protect your assets and the people you love with smart estate planning.
Request a free consultation with today.