Estate Planning
Estate Planning is the process of creating a plan to manage the distribution of your assets at death or to ensure that you are cared for in the event of an incapacity.
The Auslaender Firm, P.C. represents individuals and families in Estate Planning matters. These services can include creating a Will or Trust, preparing a Power of Attorney, Health Care Proxy, Living Will or Advanced Directive, or using a combination of documents aimed at tax savings or planning for an incapacity. Our goal is to help you plan in a way that maximizes the benefit of your hard work for you and your loved ones.
The first step in the Estate Planning process is to have an intake call with one of our attorneys so we can learn about you, your family, your goals, and your wishes. Once we get to know you, we can best direct you to the type of planning suited to your needs. Following the intake call, we will provide you with a questionnaire to complete that will provide us with the additional details needed to provide comprehensive advice on what to do with specific types of assets, how to navigate unique family circumstances, and how to ensure your goals are met.
Most people engage in Estate Planning several times throughout their lives. People often plan when they have a new baby, after they lose a loved one and experience managing the estate of another person, after their kids have left for college, or when they are planning for retirement. We have advised clients in all stages of life and would be happy to discuss your plan with you. Please be sure to check out our resources page for additional guidance on how to start thinking about the estate planning process, what questions you should be asking, definitions used in estate planning, and what to expect.
Will
A Will is a document that controls how your debts are paid and property is distributed after your death. In a Will you appoint someone called an Executor to manage your affairs after you pass away. The Executor, after obtaining permission from a court to act, gathers your assets, pays your debts, distributes assets to your beneficiaries or heirs, files your final tax return and settles your affairs. An Executor is charged with managing your probate estate, i.e. assets held in your individual name at your death. In a Will you can also appoint a Guardian for minor children.
Trust
A Trust is a type of contract that controls the distribution of assets that you put into the trust while you are alive or that you direct to be paid into the Trust at your death. I often tell people to think of a trust like a bucket, you put your assets into the bucket while you are alive and you establish rules for what happens to the assets in the bucket while you are alive, if you become incapacitated, or after you pass away. Assets that are put into your trust do not pass according to the terms of a Will. When creating a Trust based plan, you will also usually create a will called a “pour-over” will and direct your Executor to take anything you did not put into your Trust during your life and add it to the trust after your death. A Trust is managed by a Trustee, which can be you during your life or someone else, or you and someone else, or even a professional.
Power of Attorney
A Power of Attorney is a document that you can use to designate an agent to act on your behalf to manage all manner of affairs from paying bills, selling or buying property, or even suing someone on your behalf. A Power of Attorney is a useful tool in planning for incapacity and ensuring that if something were to happen to you, while you are alive, someone can step into your shoes and act on your behalf without the need for a court proceeding to appoint a guardian to manage your affairs.
Health Care Proxy
A Health Care Proxy designates another individual to make medical decisions for you when you are unable to make decisions for yourself. When you regain the ability to make your own decisions, doctors will look to you directly. You can tailor your agent’s authority or give them broad discretion to make all decisions, including decisions regarding end-of-life care of withdrawing or continuing life sustaining treatment. Failing to appoint an agent for health care decisions can lead to fighting between families or continuing treatment against your known wishes.
Living Will
A Living Will is a document that directs medical professionals in their care and advises on your wishes for end-of-life treatment or treatment in the face of a terminal condition, permanent loss of consciousness, or permanent loss of quality of life.
Advanced Directive for Health Care
An Advanced Directive for Health Care is a combination of a Health Care Proxy and Living Will, which provides additional detail for your agents and medical professionals regarding end-of-life treatment, DNR, and organ donation.