Estate Planning : Do you often worry about what will happen to your loved ones or small business in the event of unforeseen circumstances? Call us today to find out how you can protect your assets, and ensure your loved ones and business are protected. At Awo Law, we offer a complimentary estate planning session to engage our client in a lengthy discussion and obtain a clear understanding of their needs, goals, and objectives regarding estate planning.
Most estate plans include documents which provide for both the management and control of assets during the grantor’s lifetime and future transfer of assets. To determine whether the grantor’s assets warrant the use of a Last Will & Testament or a Trust based estate plan, we look at the nature and complexity of the assets owned, or expected to be owned in the near future by the grantor. We tailor each estate plan to meet the client’s need at very affordable prices.
Last Will & Testament : A legal document that allows the testator (the person making the will) to designate individuals or charities to receive their property and possessions when they pass away. The testator maintains ownership and control of all assets during their lifetime. A will ensures the testator’s wishes will be carried out upon their death, and not the default state law.
Trusts : Living or inter vivos Trust: A legal document through which assets are placed into a trust for the benefit of the testator during their lifetime, and then transferred at the death of the testator to designated beneficiaries by a chosen representative called a successor trustee. Created and funded by the testator during life. Mainly utilized when the testator desires to avoid probate, maintain privacy, and willing to relinquish title, ownership, and control of their assets while living.
Testamentary Trust: Created and funded upon the testator’s death. It is formed as a result of the provision in the last will and testament.
Healthcare Proxy: A legal document that lets an individual appoint another person (a proxy or agent) to express their wishes and make healthcare decisions for them in the event they become incapacitated and unable to speak.
Power of Attorney: A legal document granting an agent authority, in specified or all legal or financial matters, to act on behalf of the principal.
Probate : Probate is the process of transferring assets to rightful heirs according to state law or a person's last will after they pass away. The probate process is time-consuming and often costly. When a person dies with a valid will, they are known as dying testate, and the person elected as their estate administrator is in charge of conducting the probate process. If a person dies intestate, without a will, the local probate court will elect a loved one to become the estate's administrator. We counsel the estate administrator to ensure a seamless probate process.
Business Planning : We can help protect your small business and ensure that your company remain in your family for generations to come. Ask how we can incorporate your business into your estate plan!