Estate Planning
Individuals, families, and small business owners often need assistance with estate planning. Too often, those who provide guidance on estate planning take a one-size fits all approach. This is the wrong answer; every person has specific, individual needs based on both their current circumstances as well as their projected financial situation. We work hard to provide customized estate plans designed to meet your unique needs.
Powers of Attorney
There are different types of powers of attorney to ensure you have a plan in place in the event you are incapacitated and unable to communicate your wishes to your loved ones. A healthcare power of attorney allows you to designate a person whom you trust to make decisions about your medical care in the event you are unable to communicate. A financial power of attorney allows someone else to act as your agent to handle your financial matters in the event you are unable to do so. Financial powers of attorney may be customized to restrict your agent’s ability to make specific transactions; we will work with you to ensure we understand what matters you wish to have someone else attend to and make sure the powers of attorney are as specific as necessary to meet your requirements.
Wills & Trusts
You cannot leave the distribution of your assets to chance, and you certainly do not want the courts deciding for you how they are to be distributed. Therefore, it is important to have either a will or trust in place. Both legal documents offer different protections; a will is a legal document specifying which assets go to which heirs. Upon your death, the personal representative obtains permission from the court to serve as your agent to catalog, liquidate and distribute assets as you dictated in your will. Trusts are usually used when you desire to keep your finances private. Your assets may be transferred to the trust during your lifetime, and a successor trustee is named. Trusts also allow you to avoid the probate process for whatever property you transfer to the trust during your lifetime.
Regardless of whether you are an individual with modest means or a successful business owner with substantial assets, your estate planning needs are unique. Contact the Law Office of Rhonda M. Reed, today and let us help you craft a plan that best meets your needs.