In this Article, we consider each of the three (3) legal documents essential to the standard estate plan. When meeting with an experienced estate planning attorney you should ask for an explanation as to the manner in which each of these documents may fulfill a role in your family’s estate plan. This article provides only a brief overview of each of these subjects, and is not intended to provide legal advice.

Will
Your Will is the legal document that determines the matter by which your property transfers at death. Although there is some belief that Wills are only for the wealthy, in fact, a properly drafted Will serves almost every family situation, facilitating an easier, less costly and more efficient transfer of property to next of kin.

In your Will, an Executor should be appointed as the ‘manager’ of your estate affairs. Once sworn, the Executor is vested with the authority to collect the assets of the estate, to pay the lawful debts, and to distribute the proceeds to your named beneficiaries.

When minor children are involved, your Will should designate a Guardian who will raise your children in your absence, and also would manage their assets until they become of legal age. Although this may be accomplished in the standard Will, some situations may require a more complex legal document involving the use of a Trust to set assets aside for special purposes and with certain restrictions. An experienced estate planning attorney can review these alternatives with you when you meet to discuss your estate plan.

A properly drafted Will can result in considerable savings for the heirs of your estate. This is the case even when planning involves estates not exceeding the Federal Estate Tax threshold of $2 Million (in 2007 and 2008). Your attorney should carefully review all tax implications for your estate plan.

Power Of Attorney
Although your Will is designed to administer your property after death, authority to handle affairs during your lifetime is determined by means of a Power of Attorney. In this legal document, you may designate an Agent to handle certain designated affairs on your behalf during your lifetime. Since 1999, new legal provisions were introduced in order to provide additional protections for persons granting such powers, specifically, the enactment of strict legal requirements as to the care and management of the assets under the Agent’s control. The scope of the powers to be given requires careful consideration by you in conjunction with the advice of your estate planning attorney.

Advance Directive & Living Will
The final essential legal document in the standard estate plan is the Advance Directive & Living Will.

This combination document speaks for us in the event that we are incapable of communicating our wishes relating to our medical care and in the event of a terminal illness or a state of permanent unconsciousness. You may provide specific instructions to a designated next of kin and/or to your attending physician as to the specific types of medical care and treatment you do, or do not, want to receive. Amendments to the law became effective on January 29, 2007, which amendments serve to broaden and further clarify the uses for this essential legal document.

Fees
The legal documents referenced above are not particularly complex and are considered to be standard by most estate planning attorneys. These are not expensive legal documents, and you should find that even the most experienced estate planning attorney can prepare them for a reasonable fee following a short consultation. In most cases, a flat fee may be arranged, but in any event, ask in advance precisely what fee arrangement is to be set.

Call Bromberg & Miller at (412)471-9710 for a consultation regarding the preparation of the documents for your standard estate plan. Home visits in some circumstances may also be arranged.

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