Estate PlanningOur firm is dedicated to giving you peace of mind by helping you secure your rightful assets for your family and future generations.
During our estate planning process, we will guide you through your options – what documents make sense for you and your particular circumstances, what effect the documents will have on your family and estate, and what other matters you may wish to consider.
Legal documents you may wish to utilize are:
- Powers of Attorney
- Transfer on Death Deeds
Planning for the future will allow you to feel like a weight has been lifted from your shoulders. By working with our team, you can feel confident that you have your affairs in order and that your family will be taken care of in the future.
Attorney Michael Forster discusses these issues further in a brief video about estate planning documents:
When you become a parent, time flies at an incredible rate. Your children grow and your life changes in ways that you never imagined. To protect your family, it’s best to create a flexible estate plan early on and occasionally update it when circumstances change
What are your goals? What kind of legacy do you want to leave behind?
Answering these questions is the first step to decide which estate plan is right for you. When you meet with one of our estate planning attorneys, you can discuss your goals for your family and your legacy. You have worked hard to build a life for yourself and your family. We want to help you preserve your success for future generations.
Wills & Living Trusts
Our Simple Will Package includes a custom Will, Health Care Power of Attorney, and Financial Power of Attorney.
If you have children under the age of 18, your Will can provide for a guardian, or guardians, of your choice.
*Our Simple Wills package is for residents of DC, MD and Virginia only.
Our Essential Will Package is our highly recommended plan for parents with children under the age of 18. It includes a custom Will with a Testamentary Trust (to preserve your child(ren)’s assets), Health Care Power of Attorney, and Financial Power of Attorney.
If you have children under the age of 18, your Will can name a guardian, or guardians, of your choice in the event that you and your spouse pass away. In addition, in your testamentary trust, you may name a trustee to manage any minor child’s assets and specific instructions as to how the assets can be utilized for your family.
The Living Trust Plan includes:
- A Living Trust
- A Last Will and Testament naming a guardian for your child(ren)
- A Power of Attorney for Healthcare Decisions
- A Financial Power of Attorney
- Deed to Transfer Home into Trust (if needed)
What Is A Living Trust?
A Living Trust is a legal document that you can use to distribute your property instead of a Will. Instead of naming a Personal Representative like you do in a Will, you name a “Trustee,” who will manage and distribute your assets for your family. At your death, the Trustee can continue to manage the property in the Living Trust or they can distribute it to your loved ones, depending on what you decide.
A Living Trust is different from a Testamentary Trust (included in a Deluxe Will Plan) in that you create it and transfer property into it during your lifetime, whereas Testamentary Trusts are created at your death. As soon as you create a Living Trust, it becomes effective and can be managed for your benefit.
The biggest benefit to establishing a Living Trust is that it is not subject to probate, which means your family will likely receive the property more quickly and cheaply. In addition, the distribution of your property will remain private because there will not be a public record.
Who Needs a Living Trust?
A Living Trust is the right choice for a family that wants to avoid probate, keep their property distribution private, and maintain flexibility in managing their child’s inheritance. Remember that if you have young children, you still need a Will to name guardians.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all the information on this site is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site does not create an attorney-client relationship between the reader, user, or browser and Forster Law Firm.