Frequently Asked Questions

Below are answers to common questions from individuals, families, and business owners. If you don’t see your question here, send me an email and I welcome you to schedule a consultation.

If you have any questions you think would be helpful to add, email me and I will likely add them.

FAQ - Estate Planning

Do I really need an estate plan?

If you own property, have children, or operate a business, an estate plan ensures your wishes are followed. Without one, state law determines how assets are distributed, it may lead to disputes, unnecessary legal costs, uncertainty, and undesirable results.

Do I need a will or a trust?

It depends on your goals, but most people should have the base documents of a will, a power of attorney, and healthcare directives. Higher net worth individuals over $1 MM should consider having what is called a pour-over will and a revocable trust and fund the revocable trust with certain assets for the ease of transition upon the grantor's incompetency or death vs. having to probate the same assets. Beyond that, trusts are necessary if they fulfill certain client goals, but they are not necessary for everyone the same way the base documents are.

How often should I update my plan?

An estate should be updated every time a major life change happens such as death, disability, divorce, birth of a child, changes in wealth, changes in philosophy, moving out of state,.... as these life changes may necessitate profound changes on your estate. That being said, it is good to review your plan every 3-5 years to make sure it is up to date or to catch costly issues before it is too late.