Estate Planning Overview
Estate Planning relates to implementing a plan on how to properly distribute your assets after you pass. The law encourages individuals to have a plan for how to divide the items they worked hard their entire life for – think about your land, house, car, bank accounts, or that old collection of Chicago Cubs autographed memorabilia. What happens to all of those items and who should get them? Ultimately, this decision is up to you. At Glazer Hammond, PLLC, we want to make sure all of your wishes are executed succinctly and properly. After all, one of the best gifts we can leave behind is a clear plan so that our family can focus on mourning their loved one. We will discuss all your legal options so that those left grieving by your passing will follow the plan you have left for them.
Contact our office to speak with attorney, Jacqueline Fisk-Glazer, and discuss your case today!
Below are some Estate Planning common questions that can help you get started in understanding what we can provide.
What is a Will?
A legal document which outlines what you would like to have happen to your estate when you pass on; and if you have minor children, who you would like to care for them after you are gone.
Who needs it?
Anyone with assets or minor children.
Why do you need a Will?
To keep the State from deciding where your estate goes (through intestate succession) and who will care for your minor children.
What is a living trust?
A legal document that allows you (the grantor/trustor) to transfer legal ownership of assets during your lifetime into a trust. It designates who will manage these assets (the trustee) should you become incapacitated or upon your death, and who will receive the principal and/or income from the assets upon death (the beneficiary).
Who needs a living trust?
Anyone with a larger estate, or if you have a family member with special needs.
Why do I need a living trust?
It provides protection against incapacity, allows you to avoid probate, and lets you keep your estate matters private.
What is Probate?
The process for handling the estate of someone who passes away or is incapacitated. A petition must be filed with the probate court, which then needs to approve the will, appoint a Personal Representative, and possibly appoint a conservator.
When is probate necessary?
If you have a will, it will need to be probated upon your death. If you become incapacitated during your lifetime, someone will need to petition the probate court for a conservator to handle your finances.
Where do I file/open probate?
A probate must be filed with the Superior Court. Where upon the records become publicly available through the probate proceedings.