Estate Planning

Wills

Shifman & Carlson, P.C. works with clients to set up an estate plan that meets all of their needs and desires, from distributing property according to the client's wishes to minimizing probate costs.  Many people are not aware that intestacy rules, which apply if the deceased does not have a will, will not distribute property according to the deceased's wishes: If, for example, you are a married person without children and both of your in-laws are alive, and your spouse passes, your in-laws will receive almost one-quarter of your spouse's estate, despite your spouse's wish that you receive the entire estate.  By having an estate plan set up in advance, you can avoid these problems and have your property go where you want it to go.  Additionally, having a properly drafted will minimizes probate costs and allows quicker access to needed funds.  Most wills are uncontested and can go through informal probate rather than the more expensive and time-consuming formal probate court, saving you time and money.

Reasons to Have a Will:

• The estate might be given to people whom the deceased did not want to inherit.
• The estate will only be given to those whom the deceased wanted to inherit.
  • With a will, the estate goes where the deceased wanted.
• Speeds up the probate process and saves the survivors time and effort.
  • A will speeds up probate and saves the survivors time, effort and money
• Allows money to be accessed more quickly to pay for bills and other necessary items.
  • A will allows quicker access to money for bills and other necessary items.

Trusts

Shifman & Carlson, P.C. also uses trusts to meet clients' needs, either during their lifetime or after.  A trust is a versatile arrangement that can be used to distribute property according to the client's wishes by making a trustee legally responsible for the stewardship and distribution of property to the decedent's chosen beneficiaries, according to the conditions or wishes of the decedent.

One possible use of a trust would be to take care of your children in the event that anything should happen to you and your spouse.  Normally, a conservator would be appointed to manage the property left to your children and the conservator would act in his/her own discretion, as limited by the Estate Code, to manage the property. By setting up a trust, you can dictate exactly how the property is to be managed and how your money is to be spent, giving you control and discretion over the care of your offspring after you have passed on.