Estate Planning

In the broadest of terms, estate planning services encompass a range of legal and financial strategies aimed at helping individuals and families effectively manage the distribution of their assets, protect their wealth, and plan for end-of-life healthcare decisions.

However, recent surveys have found that as many as 68% of Americans do not have a will or other estate plan in place.

There is a minimum estate plan that everyone should have in place, regardless of age or financial circumstance. And our belief at WCRR is that this is too important of an issue to be neglected because of time or cost, which is why our goal is to make the process of creating your estate plan as simple and cost effective as possible.

As an attorney with more than 20 years of experience, I am here to assist and guide you and your family through this process.

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The 4 (or 5) Pillars of an Estate Plan

The basic philosophy at WCCR when it comes to constructing an estate plan for our clients is to make sure the foundation is in place before we worry about the rest of the structure. To achieve this, we simplify the process and install what we call "the minimum estate plan", focusing on the four essential legal documents that all estate plans should include: a will, a living trust, a durable power of attorney, and an advance healthcare directive. This approach allows us to get a good plan in place for our clients while keeping the costs reasonable. And if the foundation of the estate plan in place is solid, it is a very simple thing to modify it and when life changes do occur.

The following is a quick primer on those four documents referenced above:

1. Revocable Living Trust

A trust allows you to transfer assets to a trust entity during your lifetime, which can then be managed and distributed according to your instructions. It can help avoid probate and maintain privacy.

2. Last Will and Testament

A will outlines how you want your assets to be distributed after your death. It also allows you to name guardians for minor children and specify an executor to manage your estate. This is the catch-all estate planning document for any assets left out of the trust.

3. Durable Power of Attorney

The power of attorney appoints someone to make financial and legal decisions on your behalf if you are unable to do so due to incapacity. It can be limited to specific matters or broad in scope.

4. Advance Healthcare Directive

The advance healthcare directive specifies your preferences for medical treatment in case you become unable to make decisions. It may cover issues like life support, organ donation, and end-of-life care.

5. Life Insurance (optional...but recommended)

While not "required" in the same way as the four above documents, life insurance nonetheless remains a valuable component of any estate plan, as it can provide immediate financial security to your beneficiaries upon your passing, ensuring that they have the means to cover debts, funeral expenses, and ongoing living costs.