Wills, Living Wills, Power of Attorneys, Trusts
Sometimes the mere thought of preparing for the future can seem like an overwhelming process. Many people procrastinate making any kind of will or trust because they are worried that the process will be long and arduous, and leave them drained.
Rather than make the estate planning process complicated, Perkins Law has put in place a streamlined process that will walk you through all of the short and easy steps necessary to develop a comprehensive plan for the future of your assets and wealth. Our simplified approach from scheduling to asking basic questions will help you reach the end result faster and more efficiently than most people imagine.
At your first meeting, Perkins Law will go over some of the basic estate planning options available. Most estate planners put forth a general packet which they offer as a bundled service to keep things cost effective. Perkins Law has experience developing and drafting all kinds of estate plans from simple to complex. Here is a list of the basic documents that we offers in a basic estate planning package or individually.
Durable Power of Attorney
In layman's terms, a durable power of attorney is a legal document that conveys from a person, while they are still alive, the right to manage their financial decisions to another person, if they cannot do so themselves.
Living Will, otherwise known as an Advance Directive
In layman's terms, an advance directive is a legal document that conveys from a person, while they are still alive, the right to manage their medical decisions to another person, if they cannot do so themselves.
A will is a testament of person that sets forth the rules by which that person's assets are distributed upon their death. It sets forth who will be in charge of the process, who receives the assets.
A minor's trust includes provisions which take care of all of the issues associated with minor children and planning for your family upon your death. A minor's trust usually includes provisions related to custodian and guardian of the child. It also sets forth who will be in charge of the child's money and what that money can be spent on. A minor's trust also sets forth the rules of when and how the child becomes eligible to receive assets or income from the trust. Normally, a minor's trust is incorporated into a simple will and becomes effective upon death of the testator.
Revocable Living Trust
A Revocable living trust is a complicated estate plan design which can shelter some assets from tax liabilities and also provide for structured disbursements to beneficiaries. Perhaps the most commonly asked question is what is the difference between a will and a trust. While the differences are very complicated, the most basic answer is that a will does not take effect until you die, while a Revocable living trust comes into life upon the trust being formed and signed by the parties. The trust will own assets and sets forth rules for dispersing and managing assets while you are alive and after you die.