Estate Planning & Probate
Basic Will Package: Single Person ($500) or Married Couple ($800)
Any person that has minor children, or owns assets, should have, at the very least, a Last Will and Testament.
A Last Will and Testament names a Personal Representative, or Executor, who you wish to be the person in charge of distributing your assets after you pass. It names the guardians for your minor children and instructs the court on how to distribute your assets and to whom they should be distributed to. You want to have a say in this process, do not leave it up to state law or the discretion of the courts.
Other documents in the Basic Will Package include a Durable Financial Power of Attorney, Medical Power of Attorney, Advanced Directive (Living Will), and HIPAA authorizations so that you loved ones may receive important information concerning your medical status.
Revocable Living Trust Packages from $2,500 to $3,500
A Revocable Living Trust is a powerful estate planning tool, which has become very popular because of its many benefits. Even people with fewer assets can benefit from a Revocable Living Trust. Listed below are some of the main benefits of a Revocable Living Trust Package:
- Avoiding Probate
- If you pass away without a Revocable Living Trust or Will, your estate will end up having to go to probate court where a judge will choose your personal representative and state law will determine the distribution of your assets. Of course, neither the judge nor the state have an interest in minimizing estate administration costs or protecting your family’s privacy. Probate court is time consuming, expensive, and open to the public, which means creditors, predators and others will have access to all information about your estate. Even having a will does not keep you out of probate court, as your Last Will and Testament have to be admitted to probate prior to distribution of many assets. The benefits of having a Revocable Living Trust far outweigh its initial costs.
- Incapacity Planning
- People are living longer, which means more people are being diagnosed with Dementia and Alzheimer’s Disease. Unexpected incapacity impacts your personal and financial affairs. Decisions such as who will handle your finances and make other decisions on your behalf are extremely important. A Revocable Living Trust can include incapacity provisions where you choose a person whom you trust to manage your financial affairs. Without these provisions, there is a high probability that a guardian will be appointed through a probate court (often called “Living Probate”). This process can be costly, time-consuming and, may not be attuned to your wishes.
- Blended Family Planning
- It can be a delicate balance to hold: preserving assets for children from a first marriage and—at the same time—ensuring your new spouse will have the assets needed to maintain his or her lifestyle. Balancing the two often requires coming to terms with realistic expectations for all. Ignoring these issues often leads to Will contests and Trust litigation. Blended family planning can bring peace of mind to the entire family.
- Remarriage Protection
- After you pass away, it is possible your spouse may remarry. In the event of remarriage, I can help you protect your assets and your children’s inheritance from your surviving spouse’s next spouse.
- Separate Structured Trusts for Children
- Giving an inheritance outright to your child might sound good at first, but it ignores potential problems. For example, what if your child is too immature to handle the responsibility of a large sum of money? What if your child has financial problems that put the inheritance at risk to creditors? What if your child marries a “gold digger”, is addicted to drugs or alcohol, gets divorced or remarried? You may need to protect your children’s inheritance. A structured trust can leave a lasting legacy for your children and grandchildren.
- Revocable and Amendable
- You are in complete control of your Revocable Living Trust. You may revise it during your lifetime to accommodate a change in circumstance and I recommend reviewing your entire estate plan every three to five years or upon any major change in circumstances, such as a marriage, divorce, purchase of real property, or any change in your relationship with a named successor trustee.
Revocable Living Trust Pricing Structure
- Simple Trust (Single) - $2,500
- Simple Trust (Married or Blended Family) - $3,000
- Complex Trust (Single, Married, or Blended Family) - $3,500
Brandon C. Pettijohn can help you create a unique and custom estate plan covering your basic needs that will protect your assets, save you and your family money, and leave a lasting legacy for you and your loved ones. Call me at (910) 557-8241 or book a free consultation now.