Frequently Asked Questions

What is estate planning?

   A: Estate planning involves making arrangements for the management and distribution of your assets in the event of incapacity or death.

Do I need an estate plan if I don't have many assets?

   A: Yes, estate planning is important for everyone, regardless of the size of their estate. It allows you to designate beneficiaries, appoint guardians for minor children, and outline your healthcare preferences.

What documents are included in an estate plan?

   A: Common estate planning documents include wills, trusts, powers of attorney for finances, powers of attorney for healthcare, and living wills.

What is the difference between a will and a trust?

   A: A will is a legal document that outlines how your assets should be distributed after your death, while a trust is a legal arrangement that holds assets for the benefit of designated beneficiaries during your lifetime and after your death.

Do I need a solicitor to create an estate plan?

   A: While it's possible to create some basic estate planning documents on your own, consulting with an experienced estate planner can ensure that your plan is comprehensive and legally sound.

What happens if I die without an estate plan?

   A: If you die without an estate plan, your assets will be distributed according to the intestacy laws, which may not align with your wishes. Additionally, the court will appoint guardians for minor children and make other decisions on your behalf.

Can I change my estate plan if my circumstances change?

   A: Yes, it's important to review and update your estate plan regularly, especially after major life events such as marriage, divorce, birth of a child, or significant changes in financial status.

How can estate planning help minimize taxes?

   A: Proper estate planning strategies, such as establishing trusts and making strategic gifts, can help minimize estate taxes and maximize the amount passed on to your beneficiaries.

What is a power of attorney, and why is it important?

   A: A power of attorney is a legal document that grants someone the authority to make financial or healthcare decisions on your behalf if you become incapacitated. It's important to have powers of attorney in place to ensure your affairs are managed according to your wishes.

How much does estate planning cost?

    A: The cost of estate planning can vary depending on the complexity of your situation and the services you require. It's best to consult with us to discuss your specific needs and obtain an estimate of costs.