Foundational Estate Planning
For individuals and families in the earlier stages of building wealth, the most important thing is getting the right structure in place before complexity compounds. Samantha B. Owens, Esq. works with clients who are navigating these early pivotal moments.
Testamentary Planning Documents: Wills &
Revocable Trusts
For those with little ones, a Will nominates a Guardian who would care for minor children. A Will also addresses the disposition of “probate assets,” i.e., assets owned at death without a joint owner or a designated beneficiary. Considering a primary objective of estate planning is to make implementation efficient, our planning focuses on minimizing the need to administer an estate before the Probate Court. Therefore, the core of the estate plan is a revocable Trust that would be administered outside of probate. A revocable Trust gives your testamentary intentions structure, privacy, and the ability to transfer assets outside of probate.
Incapacity Planning Documents: Durable Power of Attorney, Health Care Proxy, Living Will, &
HIPAA Release
Incapacity planning is the part of estate planning most people overlook until it is too late. A Durable Power of Attorney designates someone you trust to manage your financial affairs if you cannot. A Health Care Proxy designates someone you trust to make your health care decisions if you are not able to because of physical or mental impairment. A Living Will guides your health care agent during difficult end-of-life decisions. A HIPAA Release allows your medical care providers to speak with your health care agent and others within your circle of trust. Considering the alternative would be Probate Court involvement, these documents are not optional — they are essential.
“Trust Funding” & Beneficiary Designations
The estate planning process is not completed once the pages are signed. After every estate plan is signed, we meet again with our clients to provide specific recommendations to update account titles and beneficiary designations to coordinate the client’s assets with the structures implemented within the estate plan. Aligning the ownership of assets with the estate plan is essential to reduce the risk of probate.