Loading...
Estate Planning & Trusts2019-04-03T15:37:01-04:00

Estate Planning

Estate planning provides you and your loved ones comfort in your time of need. Estate planning can reduce tax consequences, litigation and unnecessary expenses. Everyone has an estate, regardless of his/her capital, assets, property, or business interests.

ESTATE PLANNING DOCUMENTS:

Estate Planning Download
  • Last Will & Testament
  • Trust
  • Living Will | Advanced Health Care Directive | Medical Power of Attorney
  • General Power of Attorney

What is Estate Planning?

Everyone has an estate: your assets, your debts, and your final wishes.  Estate planning is the process of anticipating and arranging for the distribution of your estate. Good estate planning eliminates uncertainties in the administration of your estate by creating specific instructions for how you want your estate to be controlled. A proper estate plan can even avoid the probate process by transferring ownership of your assets to trusts or business entities, or by creating joint ownership structures, which automatically transfers you property to another person at your death.

Estate planning can involve the preparation of many documents. These documents make sure that you and your loved ones are protected if you become incapacitated or when you pass away by protecting assets, designating others to make decisions for you should you become incapacitated, transferring property ownership, making gifts, deferring or decreasing estate taxes, and/or winding up a business. Such documents generally include, but are not limited to, the following:

  1. Wills. Creating a Will helps you to clearly communicate your final wishes. Among other things, a Will allows you to appoint someone to administrate your estate, designate beneficiaries, specify how your assets are distributed, provide for the future care of your pets, and appoint a guardian for minor children. Parkway can assist you in creating and executing a Will, so that your estate is distributed according to your wishes.
  2. Trusts. Creating a trust allows a third party, called a trustee, to hold your assets on behalf of the beneficiaries of the trust. A trust also provides specific instructions on how your assets are to be controlled and how they are to be distributed to the beneficiaries. There are several different kinds of trusts. For example, a revocable trust allows you to control your assets during your lifetime, and then appoint a successor trustee who will hold your assets for the benefit of the trust beneficiaries after you pass away. Parkway can help you decide what kind of trust is right for you.
  3. Powers of Attorney. Should you become incapacitated, a power of attorney allows you to appoint an agent to control your property on your behalf. Delaware law lists certain powers that you can give to your agent. With a power of attorney, you can choose which powers you want to give to your agent. Parkway can provide guidance as to what each power entails and can help you create a power of attorney that gives your agent the level of control you desire.
  4. Advanced Healthcare Directives. An advanced healthcare directive allows you to provide healthcare instructions in the event that you become incapacitated. It also allows you to appoint someone you trust to make healthcare decisions on your behalf, based on the wishes you express in the advanced healthcare directive. For example, you can specify what types of treatment you want to receive if a doctor determines you are in a persistent vegetative state or terminally ill. Parkway can help you navigate the different types of treatment and can help you provide even more specific healthcare instructions.

If you do not make these decisions with the appropriate estate plan, the State will decide for you according to the laws of the jurisdiction where your assets are held. This may leave your loved ones inadequately protected, cost your loved ones dearly, and/or frustrate your intended legacy.

Couple-Needing-Estate-Planning

Talk To An Attorney Today

We Will Contact You Today