Estate Planning

It is important to realize that estate planning is not just for the wealthy, it is for everyone. Every person has their own goals and needs, and your estate plan should address these using a strategy specific to you. Estate planning prepares you for health care needs, gives you control over the distribution of your assets, and minimizes the expense of probate costs and taxes. Through the use wills, trusts, powers of attorney, and other asset planning mechanisms, T. Doran Legal and Consulting can create an estate plan tailored to your needs.

Durable Power of Attorney

A Power of Attorney is a written document in which the principal person appoints another person, the agent, to act on his or her behalf. Powers of attorney are typically granted to allow the agent to take care of a variety of transactions for the principal. A "durable" power of attorney differs from a traditional power of attorney in that it continues the agency relationship beyond the incapacity of the principal. These have become popular because they enable the principal to have his or her affairs handled easily and inexpensively after he or she becomes incapacitated. 

Will

It is very important to prepare your estate so that loved ones will know your wishes. A will is a legal document that explains how you want your property distributed after you die and who has the responsibility and power to tie up your loose ends. This 'executor' of your will has the authority to pay any of your remaining bills and to distribute your property as you specify in your will. It is very important to have your will reviewed or even redrafted every few years to ensure it meets your current needs and life position.

Trust

A trust allows a third party, or trustee, to hold assets on behalf of a beneficiary. Trusts can be arranged in many ways and can specify exactly how, when, and whom the assets will be distributed to. Since trusts usually avoid probate, beneficiaries may gain access to your assets quicker than if the assets are transferred using a will. Probate is a matter of public record, so a trust may allow assets to pass outside of probate and remain private. This could reduce the amount lost to court fees and taxes in the process.