The correct preparation of an estate plan can maximize the amount of assets passed to heirs, while minimizing taxes as well as an executor’s or trustee’s stress. A simple estate plan involves such legal documents as wills, financial powers of attorney, health care powers of attorney and living wills, nomination of guardian forms and declaration of final arrangements. A more complex plan could involve one or more revocable or irrevocable trusts, in addition to the documents mentioned above.
There are various types of trusts. Some, like a discretionary support trust, are created for heirs with addictions, debts or marital problems to ensure the proper management and use of trust assets from which they benefit. While other trusts, like a special needs trust, are created for the benefit of disabled persons to ensure the proper future management and use of trust assets, and to secure their continued eligibility for public benefits. Every estate plan is customized for the needs of the client.