Frequently Asked Questions:
Q. Do I need a trust if I have a will?
Probably. A will is a legal document that informs the court where you would like your assets to go when you pass away. If you have an estate worth more than $166,250, the process used by the court to accomplish this is called probate. The probate court can be very expensive and lengthy, at substantial inconvenience to your heirs. A properly created and funded trust, on the other hand, provides a method for your heirs to receive your assets without going through the probate process. This avoids mandatory court and attorney fees as well as directing how and when your assets will be distributed to your beneficiaries.
Q. What is included in an estate plan?
An Estate Planning Package includes a Trust, a Pour Over Will, an Advance Health Care Directive (including HIPAA waivers), and a Power of Attorney.
Q. Why do I need a power of attorney?
A power of attorney can give a trusted agent the ability to manage your finances in the event of your incapacity. By doing this, the agent can continue mandatory financial requirements such as paying your mortgage, managing rental income, etc.
Q. Can I update an existing estate plan?
Yes, we can provide either a restatement or amendment to an existing estate plan, depending on your needs. Keeping your estate plan up to date is an integral part of its success. At Cannavino Law, we recommend reviewing your plan every 2-3 years and we can help you and your family with plan management for years to come.
Q. What should you do before your estate planning meeting?
Before your meeting with Danna, you will fill out our Client Questionnaire. This will enable us to properly evaluate your financial assets and design your estate plan to meet all of your needs. You should also begin to think about trusted individuals in your life who would be good choices for trustees of your estate, guardians of your children, and agents of your finances and health. During our meeting, we will carefully guide you through this process to ensure that each decision is made with knowledge and care.
Q. How much does an estate plan cost?
We firmly believe in transparency in pricing. Each estate plan is highly customized and designed to serve the needs of your estate assets. As a general rule, estate planning package start at $3,000, however this will vary depending on the complexity of the estate assets, the number and locations of properties owned, business entity interests, your family dynamics, etc.
Each client will agree to a written fee agreement before an attorney-client relationship is established.