FAQ's

A trust is an entity that holds assets. Think of it like a bucket that holds assets like tangible personal property, real estate, bank accounts, etc. The only assets that we will put in the trust are tangible personal property (furniture, furnishings, jewelry, collectibles, etc.) and real estate. It will be up to you to make sure that other assets like bank accounts and retirement accounts are either owned by the trust, payable to the trust, or have other beneficiary designations if you wish your beneficiaries to avoid probate. This process of making sure the assets are covered by the trust is called “funding the trust.” We will provide a Funding Memorandum that lists many different types of assets and instructions on how to deal with those in regards to the trust.

If you own any assets, are interested in setting up planned distributions for your loved ones, want to leave a legacy for a beloved charity, have heirs who may need responsible financial assistance after you are gone, want to avoid probate, then yes.

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A will declares your intentions regarding the distribution of your property after your death. Another type of will (pour-over) is a will prepared when you have a revocable trust.

Some of the reasons are: owning cash, bank accounts, business interests, personal property, real estate, etc. Do you want to have a planned distribution of assets to your beneficiaries? Do you want to make a plan for the time-saving benefits of choosing now who you want to manage your assets? Do you want the privacy that a trust provides? Do you want to avoid probate? Do you have beloved pets you want to provide for? These are just a few of the benefits. Then, yes a trust might be for you.

A revocable trust is a trust that can be changed or even revoked by the creators of the trust as long as one of them survives. An irrevocable trust is a trust that cannot be changed.

Pour-Over Will – This is a type of will that is prepared which transfers your assets to your trust. This document serves as a back-up document when you have a revocable trust in the circumstance that an asset is left out of the trust after one has passed.

Medical Power of Attorney – This document allows you to designate a person(s) to make health care decisions for you in the event that you are not able.

Directive To Physicians (Living Will) - This document states your wishes in regard to life support and other extraordinary medical measures in the event of a terminal or irreversible condition and explains your desires regarding life support systems and treatments.

Durable Power of Attorney (Financial Power Of Attorney) – This document allows you to designate a person(s) to deal with banks, property, etc. in the event that you have become disabled or incapacitated.

HIPAA Release and Authorization – This document allows you to specify the individuals who have access to your health information so they can assist in decisions regarding your care. HIPAA (Health Insurance Portability and Accountability Act of 1996) took effect in 2003. This act contains medical privacy rules that restrict disclosure of certain health information by health care providers and plans.

Declaration of Guardian In The Event of Later Incapacity – In the event that your durable power of attorney or medical power of attorney is not effective, and a guardianship is necessary to protect your interests, this document indicates who you choose to be appointed as your guardian (as well as individuals who should not be appointed).