FAQ - Louise Longley

When do you need a Will?

Anyone of the age of 18 should at least have a will. If you don’t have a will, your intended beneficiaries may not receive the assets you wish to leave them in the event of your death. A will sets out your wishes regarding the distribution of your property and the care of any minor children.

When do you need a Trust?

There are a number of reasons why you would want to have a trust. A few of them being someone to control and protect family assets when you die or if you are simply unable to manage your affairs due to mental incapacity or illness.

If your estate is over $150,000.00, whether you own real property or just liquid assets, it will require you to go through probate. If you set up a trust and transfer your assets to your trust, the trust owns the assets. A trust never dies. As long as the trust hold assets, it is a viable entity. When the trustee dies, and new trustee simply steps into their shoes and continues to administer the trust.

Why should you have a Durable Power of Attorney?

Everyone over the age of 18 should have a Durable Power of Attorney. A Durable Power of Attorney allows you to name an agent, or a person, to act on your behalf with regard to financial matters when you are not able to act due to sickness, injury, or simply unavailable. They can talk with your creditors, gain access to your bank accounts in order to pay your bills etc. If you do not have one in place and something happens, it will require a court supervised conservatorship for someone to act on your behalf.

Why should you have an advanced healthcare directive?

This document allows you to name someone to make medical decisions for you when you are unable to make them yourself. It allows you to state your wishes with regard to life support questions and concerns. In addition, you can provide for organ donations on a number of different levels and lay out your wishes regarding burial. This takes the pressure off your loved ones to make those decisions, as you have already done that for them in this particular document.

How can an estate plan help me reduce or avoid taxes?

Although today the average American probably doesn’t have to concern themselves with federal estate tax because the estate tax threshold is so high. However, a trust would help avoid taxes, if the estate tax level is ever reduced. We can add provisions to your trust that would allow your trustee to take steps to take advantage of each grantor’s individuals estate tax allowances upon the first spouses death.