Estate Planning & Probate FAQ

Estate planning prepares for both incapacity and death. An estate plan allows for comprehensive control over how distributions occur upon death, and allows you to determine who will make health-related decisions on your behalf in the event of incapacity.

What is estate planning?

Estate planning involves creating a plan for the distribution of your assets upon death. It can also include tools to prepare for incapacity and end-of-life wishes. Each estate plan is unique and should be tailored to each client's needs. A good estate plan regularly uses trusts, financial and healthcare powers of attorney, living wills, wills, and deeds to real property.

Why does it matter?

Estate planning gives you control over who receives your assets and who can act on your behalf if you become incapacitated. Without a plan in place, those decisions may be left to the courts.

When do we need to update our estate plan?

Significant life changes may trigger the need for an update, including:

• Death or divorce
• Receipt of an inheritance
• A change in the law
• Purchase of real property
• Changes to fiduciary roles or beneficiary distributions

What happens if we move?

If you purchase real estate in a new state or location, you will need to take steps to ensure that property is added to your trust to avoid probate upon passing.

How much does it cost to update an estate plan?

The cost varies depending on the scope of the update:

• Changing guardians only — requires an update to your Last Will and Testament
• Comprehensive changes to fiduciaries and trust distributions require more documents

Beneficiary designations on most assets can be changed at any time, at no charge