Wills and Trusts

You worked hard for to develop your wealth and you want to make sure that the people you care about inherit your assets. This is done through a will that we create where all of your intentions are spelled out. If you do not create a will, the state creates an estate plan, called intestacy, for you and makes the decision for you, some of which may have unintended consequences. People you care about may not end up inheriting your assets under a state created estate plan. At Stephen Law Group, we will customize a plan for you through a will where all of your intentions are carried out upon death. If you would like to avoid probate entirely, you will see below that we can help you do that as well.

By creating a trust, whether revocable or irrevocable, you create a written document in which you convey property (money, stocks, real estate, etc.) to an individual or institution which manages the property for you and/or someone you care about. The individual or institution which manages the assets is called the “trustee”, and the people you care about are called the “beneficiaries”. The trustee has a fiduciary duty to manage the assets per your directives and shall administer the trust as you intend upon death. You as “grantor” or “settlor” of the trust may also be the trustee while alive and designate an trustee to take over upon death. The difference between a revocable and irrevocable trust is significant. Much less control exists with an irrevocable trust, however, more asset protection generally applies to an irrevocable trust.

There is a lot of risk in the world and while not expected, it is possible that you may become either temporarily or permanently incapacitated during your life. Or as you age, your ability to make sound decisions could be diminished. In that case, a durable power of attorney allows you to choose someone to manage your assets and pay your bills in the event of your disability or incapacity. By creating this document, you avoid a potentially contested court action where a judge decides who makes financial decisions and provides these services for you.

It is a good idea as health is so unpredictable. A durable power of attorney for health care allows you to retain control over your own medical care during periods of incapacity through the prior designation of an individual to carry out important health care decisions. Not only does it allow your to designate a person to carry out your intentions, it also allows you to direct what measures will or will not be used to prolong your life in circumstances where there is no hope to survive