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Probate is the legal process for distributing your property and assets. The process involves the probate court validating your will, appointing the personal representative to administer your will, and determining how assets are to be distributed if there is no will when you die. The probate court also resolves disputes and contests that may arise among the beneficiaries to your will, such as family members. Probate is not necessary for property and assets you don't own. Probate is not necessary for joint assets, life insurance proceeds, annuity proceeds, or certain retirement benefits. These usually pass to the named beneficiary.

Like a will, a trust is a legal document that instructs how your assets are distributed when you die. A trust may specify terms and conditions that beneficiaries must meet before they receive the stated assets. A trust is a living document that can provide income and principal to you and your spouse while you are alive, as well as other people you designate.

Wills by themselves do not avoid taxes. Other than a probate inventory fee, there are no taxes on estates unless the value exceeds the taxable exemption, which is currently $11,800,000 per person. Certain types of trust can be used to save and/or eliminate taxes. Certain property drafted trusts can save you on taxes, and trusts can help married couples stay under the allowable exemption limit. These are known as credit-shelter trusts.

One of the most important aspects of your estate planning is determining a guardian for your children who will be responsible for their daily care, as well as a conservator who will be responsible for managing the financial resources left to the children.

Your estate plan should include a durable power of attorney and a health care power of attorney. The durable power of attorney is the person you select to handle your legal and financial activities of daily living in the event you are unable to perform those functions due to a physical or mental condition or impairment. The health care power of attorney is the person you select to enforce your medical decisions in the event you are unable to perform those functions. Contact Heather Bruce today for a FREE initial consultation of your estate planning needs. We are here to listen, advise, and provide you with peace of mind regarding your legal needs.