You’ve worked hard for what you have, and you know exactly how and what you want to leave behind for your family, those other persons you love and organizations that share your values. Even your pets!
Not only does planning for your estate through a Will or Trust helps you determine your legacy, it preserves family harmony when you’re gone and the time comes to distribute your property (and pay your bills). Proper planning can even help protect those assets from being squandered or taken by undeserving creditors.
Likewise, you need to think about what is going to happen if you become incapacitated. Who is going to take care of things?
You need a plan in place that will make sure your wishes are followed, not just after you’re gone, but also in case you become physically or mentally unable to do so yourself.
At Cotto Law firm we take the time to explain your options and design a plan that is best suited to meet your wishes.
Estate Planning Tools Include
Trusts and Wills
There are several types of trusts. The most common trust is a revocable living trust. A revocable living trust holds assets and gives the “trustee’’ the power to administer and distribute trust assets. The person creating the trust, or “trustor”, is typically the initial trustee. A revocable living trust can be changed or revoked during the trustor’s life.
Durable Powers of Attorney
Talk to us at Cotto Law Firm about the various powers you might need to assign to someone and when the powers should be effective.