Estate Planning
Introduction
The Tribuiani Law Firm has a strong reputation for delivering the highest quality legal counsel to individuals, professionals, busineses, trusts, and estates. Our staff understands the pressures that each of our clients face and we focus on creating an estate plan that will acheive their goals and satisfy their unique needs as expressed to us. If you want to care for your loved ones or protect your net worth, if you have recently transfered property or own a bank account, if you are married, have children, or have ever been divorced, or if you simply wish to leave your assets to a friend or charity, it is emperative to have the appropriate an estate plan in place.
The key benefits to having the right estate plan include but are not limited to: 1) administration and transfer of wealth in accordance with your wishes; 2) asset protection; and 3) peace of mind.
A will is an essential part of any estate plan. It allows you to direct your property after you die, choose who will execute your plan according to your wishes, and designate a gurdian to look after your minor children. In contrast, if you die without a will, you can cause hardship and confusion to your family and friends.
A single person dies single with two adult children and property consisting of a homestead with a mortgage, mutual funds with a total market value of $5,000, a checking account with a $1,000 balance, and one car (no payments). If he or she dies with a properly executed will, the typical probate process may be completed within a few months of the person's death. During this time, the personal representative reads the will, takes an inventory of property, sells the car and other personal property, pays off the mortgage and other creditors, and distributes the remaining estate according to the decedent's wishes as set forth in the will.
In contrast, if he or she dies without a properly executed will, the adult children could wind up in probate court for years while the decedent's property is inventoried, the heirs are tracked down, consents and waivers are obtained from each heir, or in the alternative notice and hearing to be have the opportunity to be heard, a personal representative is appointed, mortgages and other creditors are paid off, and assets are paid out intestate regardless of the decedent's wishes. During this time, many things could happen, including but not limited to, the mortgage being defaulted or called due in full, the house suffering irreparable damage, the car being incapable of valid registration and exposing the estate to catastrophic liability, the personal representative being incapatable with the fiduciary responsibilities thereby exposed the beneficiaries and himself or herself to individual liability.
You cannot avoid death. It doesn't matter how rich, talented, powerful or popular you may become. "Live as if you were to die tomorrow. Learn as if you were to live forever." Mahatma Gandhi.
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Contact the Tribuiani Law Firm for your estate plan today.