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Bakos & Maisuria
Law Group, llc
estate planning
FAQs
What is an estate?
An estate is made up of your property. Almost everyone has an estate. Most estates include a car, a home, money, various investments, jewelry, life insurance policies, furniture, and other personal possessions.
Why do I need an estate plan?
An estate plan is important for everyone no matter your life circumstances. It is particularly critical for parents with children under the age of 18 because it allows you to designate who will care for your children in the event of your death. Without a will, a court will make that decision for you.
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A will (or a trust as an alternative) is required if you wish to control how and to whom your property is distributed upon death. Without it, your property will be distributed according to state law, often in ways you would not desire.
How do I know whether a will or trust is right for me?
Trusts and wills are estate planning tools that are used to accomplish different goals related to the distribution of your property upon death. Those goals, combined with your particular life circumstances, dictate whether a will or a trust is appropriate for you. During your free consultation, we will take the time to explore your unique circumstances and help determine what estate plan is best suited to carry out your wishes going forward.
What is a power of attorney?
A power of attorney is often included in an estate plan. It is a critical legal document as it allows you to predetermine issues concerning your health and finances in the unfortunate event that you are physically or mentally incapable of making those decisions in the future.
What is the benefit of an estate plan if I do not have a spouse or children?
For those who wish to pass their assets onto someone with whom they do not have a binding legal or familial relationship, such as an unmarried long-term partner, a will or trust is required. With neither the benefit of a will or trust nor a relationship recognized by law, your loved one will be left with nothing upon your death. A proper will puts the power of distributing your assets in your hands.
What is an estate plan?
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An estate plan is simply a plan for the future comprised of a collection of documents such as wills or trusts and powers of attorney that dictate how your property is to be divided upon death, who will be appointed as the legal guardian of your minor children upon death, and who will make decisions concerning your health and finances in the event that you are unable to make those decisions on your own.
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