Estate Planning

Estate planning is arranging and organizing one’s assets, finances, and other affairs to ensure efficient management, distribution, and protection in the event of incapacitation or death. The primary goals of estate planning are to secure the financial well-being of the individual or their family, minimize taxes, and facilitate the smooth transfer of assets to intended beneficiaries.

Critical components of estate planning may include:

1. Will: A legal document outlining how a person’s assets and property should be distributed after death. It may also designate guardians for minor children.
   
2. Trusts: Legal arrangements allow a person (the settlor) to transfer assets to a trustee, who manages and distributes them according to the terms specified in the trust document. Trusts can provide flexibility and control over the distribution of assets.
3. Power of Attorney: A document that grants someone the authority to make financial or legal decisions on behalf of the individual, especially in the event of incapacity.
4. Healthcare Directive: Specifies an individual’s preferences regarding medical treatment in case they cannot communicate or make decisions about their health.
5. Beneficiary Designations: Ensuring that assets with designated beneficiaries, such as life insurance policies, retirement accounts, and bank accounts, are aligned with the individual’s wishes.
6. Tax Planning: Strategies to minimize estate taxes, gift taxes, and other potential tax liabilities.
7. Guardianship Designation: Appointing a legal guardian for minor children if both parents are unable to care for them. 

What is a Letter/Memorandum of Wishes?

A letter of wishes in estate planning is a non-legally binding document that accompanies a will or trust, providing additional guidance and context for the executors and trustees. It helps convey the personal preferences and intentions of the person creating the estate plan (the testator) that might not be explicitly detailed in the formal legal documents.

Key purposes of a letter of wishes include:

1. Clarifying Instructions: Offering detailed explanations about the distribution of personal items, sentimental possessions, or specific assets.
2. Personal Messages: Including personal notes to family members, friends, or other beneficiaries, expressing love, gratitude, or providing guidance.
3. Guardian Instructions: Providing advice and preferences regarding the upbringing of minor children if guardianship is involved.
4. Funeral Arrangements: Detailing preferred funeral or memorial service arrangements, such as location, type of ceremony, or other personal wishes.
5. Philanthropic Wishes: Outlining charitable intentions or specific causes the testator would like to support.

While a letter of wishes is not legally binding, it offers valuable insight and direction, helping executors and trustees fulfill the testator’s desires more accurately and personally.

How our Team can Help

Estate planning is not just for the wealthy; it is relevant for anyone who wants to have control over the distribution of their assets and wishes to provide thoughtfully and efficiently for their loved ones. Consulting with legal and financial professionals can be essential to create a comprehensive estate plan tailored to individual needs and circumstances. We can draft all the necessary documents and assist you with drafting a Letter of Wishes. We are here to help.

Our team has experience in handling comprehensive estate planning and has assisted many high-profile individuals, families, and businesses.

Our team also assists in protecting against elder abuse and assisting testators around mental capacity, including creating general or enduring power of attorneys, enduring guardians, and Advance Care Directives. We have helped many elderly clients implement an estate planning solution to ensure they can maintain their independence by maintaining control of their lives and ensuring that their wishes are carried out now and in the future.

Suppose a loved one’s Will is contested, or you need to contest a Will as you have been left out from receiving a benefit from an estate or have now acquired inadequate provision. In that case, our experienced team can guide you through the court process, including preparing your family provision claim. We can also assist with claims regarding the validity or construction of a Will