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Zenith Law Group, PLLC

Helping You Keep What’s Yours


Estate and Legacy Planning

Estate Planning is the process of structuring and managing your assets while you are alive and making clear plans for the passage of wealth to your beneficiaries upon your death. Your estate includes financial instruments, real and personal property, family heirlooms etc. Your legacies are your family values, and family traditions accumulated over a lifetime that you will pass forward.


We use a composite of the documents described below to custom design the right plan for you. To that end, we will ask that you fill out the attached Estate Planning Questionnaire, in readiness for your consultation with the attorney.


Estate Administration is the process of settling an estate after someone has died. This can either be private as it would be in the case of a Trustee administering a Trust, or public as it would be in the case of the probate process.

An estate administrator is the Executor or Personal Representative on your Will, or the Trustee of a Trust. This is the person who will see to the administration of your estate.


What is a Professional Fiduciary?

There are private organizations who can act as the administrator of your estate if you select them for these services as a part of your estate planning. They are typically referred to as Professional Fiduciaries. If you have concerns about selecting a Trustee or Personal Representative, it may be worthwhile to consider a Professional Fiduciary. While their services are fee-based, having a trusted professional in charge of your final affairs can provide you with peace of mind in situations where there are no trusted family members or friends to perform the necessary duties. As a part of our consultation with you, we will discuss these options and provide you with the necessary information.


Wills

A Will is a document that outlines your wishes for distribution of your assets upon your death. A common misconception is the belief that if you have a Will, your estate will not have to go through the probate process. That is not true in any of the 50 states. Unless you have a small estate, typically assets totaling less than $100K, your estate will go to probate upon your death if the way you have bequeathed property is through a Will.


Trusts

Revocable Living Trusts

A Revocable Living Trust is a legally binding document that directs how your estate will be executed and divided upon your death. The Trust must be signed, notarized and funded. Unlike a Will, a fully funded Revocable Living Trust WILL NOT go through probate. The appointed Trustee retains control of the distribution of property rather than a judge. Assets can be distributed immediately after your death, without the cost of hiring a lawyer for lengthy and costly probate proceedings. A properly drafted revocable living trust can significantly reduce or eliminate estate (“death taxes”) for eligible persons.


Special Needs Trusts

A Special Needs Trust is generally created to care for one who is deemed to have Special Needs, such as a Disability or Incapacity. Special Needs Trusts can be created immediately for a loved one, OR a Will can have a testamentary directive to create a Special Needs Trust to receive a bequest left for an incapacitated beneficiary.

A Special Needs Trust will require a Trustee who is separate from the beneficiary. Special Needs Trusts can be used to hold property for the supplementation of care for persons who are receiving public benefits.


Testamentary Trusts

A Testamentary Trust is created by a directive in a Will, to be carried out upon the death of the Testator.


Powers of Attorney for Financial & Healthcare

Powers of Attorney are documents used to designate an Agent also known as, an Attorney-in-fact to handle your affairs in the event that you are unable to do so. These documents are typically used in eventualities of disability, incapacity or unavailability. The scope of authority provided to the agent can be as broad or as limited as you wish it to be. Having a properly drafted Power of Attorney as a part of your estate plan can save you and your loved ones a lot of difficulties in the life event that you are unable to take care of yourself.


Advance Directives (aka “Living Wills”)

An advance directive also known as a living will is a document stating your end of life wishes and the circumstances under which you DO or DO NOT want to be kept alive. This document is not to be confused with a Physicians Order on Life Sustaining Treatment, commonly known as a POLST. The POLST is a specific directive to physicians. The advance directive is for everyone else. There is no harm in having both.


Probate

Probate is the public process of settling the estate of someone who has died. This is typically done by filing documents with the courts and having a series of court hearings. The probate process can take anywhere from 6 to 24 months to complete. Here at Zenith Law Group PLLC, we stress probate avoidance, and we will structure your estate planning with that as a goal. We will certainly handle probate proceedings if that is what is needed, but if this is in front of you, we will guide you towards avoidance of the probate process upon your own death.


Limited Liability Companies (LLC)

LLC’s can be used in estate planning to isolate your business liabilities from your personal estate. This is an asset protection mechanism that protects your personal assets from lawsuits that could arise from your business. A good example of this is placing your rental properties in an LLC. If you have rental properties or are a business owner, be sure to mention this on your questionnaire so that we may address this in our consultation with you.



Contact:

Fern Herbert

(425) 822 6311

fern@zenith-lawgroup.com


Estate_Planning_Questionnaire__Spouses.docx

Estate_Planning_Questionnaire__Single.docx