Who Needs a Will or Trust?
If you own assets of any kind — a home, investments, life insurance, or other possessions — then you have an “estate” and need an estate plan. Your estate plan designates who will inherit your property and ensures that your children and loved ones will be taken care of in accordance with your wishes.
If you have minor children or are planning to have children, an estate plan is essential. Having a quality estate plan is one of the best things you can do for the ones you love.
What’s the Difference Between a Will and a Trust?
During your initial consultation, your TuckerAllen attorney will explain the differences. We’ll ask questions like “Do you own a home?” and “Do you have children?” Your answers will point you to the right choice. There’s no preparation necessary, and the initial consultation for wills and trusts is free. As you think about which estate plan package may be best for you, we’re happy to answer any questions. That’s what we do.
This grid provides a brief overview of the documents within each package.
|Will Package||Trust Package|
LAST WILL & TESTAMENT
A Last Will & Testament provides instructions to the probate court indicating your exact wishes about who will care for your children, who is in charge of implementing your wishes (your executor) and how your property will be distributed. Your will and all other documents filed with the probate court will be public record.
REVOCABLE TRUSTA Revocable Trust accomplishes everything that a will does, but with the distinct advantage of avoiding the probate court process. “Revocable” means that you retain control over your finances, possessions, and wishes during your lifetime. At any time, you can change your mind by amending or even revoking your Revocable Trust.
POUR-OVER WILLA Pour-Over Will is used in conjunction with a revocable trust. It acts as a safety net to ensure that any property not transferred into your trust during your lifetime “pours into” it upon your death.
FINANCIAL POWER OF ATTORNEYA Financial Power Of Attorney gives the person you designate the power to handle your financial decisions, such as paying your bills or filing your taxes.
HEALTHCARE DIRECTIVE (LIVING WILL)A Healthcare Directive tells your physician and family the extent of medical care you wish to receive if you are unable to communicate these things yourself.
MEDICAL POWER OF ATTORNEYA Medical Power of Attorney gives the person you designate the legal authority to make medical decisions on your behalf if you are unable to do so.
HIPAA RELEASEA HIPAA Release gives your physician permission to discuss your personal medical information with the person you have granted your medical power of attorney, as well as any others whom you may choose to designate.
BENEFICIARY DEEDFiled with the Recorder of Deeds, a beneficiary deed avoids the probate court process and transfers title to your property to your designated beneficiary (including your revocable trust) upon your death. Your real estate remains titled in your name during your lifetime, and you’re always free to change or revoke your beneficiary deed. If you own property beyond your primary residence, we can draft additional deeds for an additional fixed fee of $100 per beneficiary deed. We will provide instructions on how to file your deeds with the Recorder of Deeds Office or if you’d like, we would be happy to file them on your behalf for a fixed fee of $100 per deed.
What if you or your loved one has special needs? If you, your child, or spouse has significant medical needs, consider a Special Needs Estate Plan. Unlike a traditional will or trust, it allows you to designate who will inherit your assets and provide for you or a loved one while safeguarding current and future benefits.
Are you concerned about wealth preservation? If you are interested in protecting your legacy from the rising cost of long term care, consider an elder law estate plan.
Will & Trust Pricing
If you only have a few assets and no minor children, the Will Package could be right for you. This package includes: Last Will & Testament, Healthcare Directive (Living Will), Medical Power of Attorney, HIPAA Release, Financial Power of Attorney, Beneficiary Deed.
The Trust Package helps your loved ones avoid a lengthy probate court process. This package includes: Revocable Trust, Pour-Over Will, Healthcare Directive (Living Will), Medical Power of Attorney, HIPAA Release, Financial Power of Attorney, Beneficiary Deed.
We offer a 12-month, zero-interest payment plan. Learn more about the additional terms and conditions. View our complete pricing list.