Wills and Estates.
Estate planning for most families is an important subject that can become very personal and emotional for the testator or testatrix. A testator or testatrix is someone who draws up a will leaving his or her assets to beneficiaries under the will.
The basic concept of estate planning is to leave assets to loved ones, friends, charities or any one else he or she chooses to. For individuals with significant assets, it is normally best to include advisers, including family. Normally one would include accountants, financial and wealth planners and other persons who may have knowledge of the state of affairs, including a lawyer.
A typical meeting with a lawyer may involve issues of guardianship for minor children, distributions of assets and to whom and percentages, charitable donations and other matters related to asset distributions. We would also review life insurance and provide options.
We normally advise business owners to have multiple wills to avoid increased probate fees upon death. For minor children, most parents want to leave assets in trust so that children do not dissipate the inheritance at once.
If you are looking to have your current will reviewed or draw up a new one, contact us and we will have a preliminary meeting. A properly drawn will taking into considerations tax implications will provide an effective estate plan.