We Will Make Things Right

An Estate Plan Tailored To You

At Ferris & Eakin, we believe that the key to creating an estate plan that is right for you is getting to know you first. Only by having a thorough understanding of your goals and wishes for how your estate will be distributed to your heirs after you are gone can we create a plan that is right for you. We do a thorough analysis of your assets and make recommendations based on health issues, family situations and the tax implications of the choices available to you.

Exploring Options In Estate Planning

There is no such thing as a one-size-fits-all estate plan. An estate plan may be just a simple will combined with an advanced health care directive or it may be a more complex plan that includes a range of documents. We explore all of the options and explain the pros and cons of each choice before you.

Typical examples of estate planning documents include:

After you have made a final decision on how to move forward, we will then generate the necessary documents for your review, make any needed changes and provide the notary and witnesses required for proper execution (formal signing).

How Wills Work

A will is a complex legal document that instructs how your assets and affairs should be managed after your passing based on your preferences. You can utilize a will to achieve several objectives, such as:

  • Naming an executor to be responsible for settling your estate
  • Designating your beneficiaries (and excluding heirs as you see fit)
  • Nominating a guardian for your minor children
  • Selecting where your pets will go after your death
  • Passing on control of your digital assets
  • Donating to charitable organizations and causes

A will does not include property that has been transferred to a living trust, insurance policies, bank accounts and retirement funds that have named beneficiaries and property with joint tenancies, among other things, but it can allow you to carefully control who receives everything else, including your personal effects and family heirlooms.

What Happens If You Don’t Have A Will?

If you die without a will, that’s called dying “intestate,” and doing so essentially removes your voice from the probate process. That means:

  • You will not be able to direct how you want your property to be divided, since that will be handled according to intestate succession laws.
  • The court will designate someone of its choosing to be your estate’s personal representative, with all the attendant responsibilities.
  • You will not be able to nominate a guardian for your minor children or any dependent adult children you have in your care.
  • You will not be able to strategically minimize your estate’s tax obligations, which means there will be less for your heirs.

Every adult over 18 years of age should have an estate plan in place, even if they do not have many assets, since that will minimize the complexity of the probate process and make it easier for the loved ones they leave behind. The execution of an estate under the state’s management often does not reflect the testator’s wishes, which is why it is better to have a will in place.

Contact Ferris & Eakin, P.C., Today

To get started on an estate plan tailored to your unique goals and wishes, schedule a consultation with one of our lawyers. Call 540-345-1000 or fill out our online form to get in touch.