Last Will and Testament: A legal document that outlines your wishes for asset distribution and appoints an executor to manage the probate process. It ensures that your instructions are followed, and your estate is handled according to your preferences.  Your Last Will and Testament can also contain a trust (a Testamentary Trust) that can benefit and support your intended beneficiaries while providing additional safeguards and restrictions.

Revocable Living Trusts: Allows you to manage your assets during your lifetime and seamlessly transfer them to your beneficiaries without probate. After your passing, the successor trustee, instead of the court, will administer and distribute the assets in accordance with the terms of the Trust. This can provide privacy and reduce the time and cost associated with settling your estate.

Lifetime Gifting: Strategically gifting assets during your lifetime to reduce estate taxes and provide for your loved ones. This can be an effective way to see the benefits of your gifts during your lifetime and reduce the taxable estate.

Joint Ownership: Managing property ownership with another party to ensure smooth transfer upon death. Joint ownership can help avoid probate and ensure immediate transfer of assets.  However, this can often lead to unintended consequences and understanding the aspects of joint ownership is essential.

Beneficiary Designations: Assigning beneficiaries to accounts and policies to bypass probate. This includes life insurance policies, retirement accounts, and other financial instruments that can be directly transferred to beneficiaries.  Often referred to as “Payable on Death” designations or “PODs”, these designations can either greatly assist, or completely destroy, your intended estate plan. It is critical that anyone creating an estate plan understand the effect of these types of designations. 

Statutory Durable Power of Attorney: If you become incapacitated, this document allows you to designate someone to make certain decisions for you related to your finances and property.  This document also allows you to allow someone to make these types of decisions for you when you are not incapacitated.

Medical Power of Attorney:  If you become incapacitated, this document allows you to designate someone to make medical decisions on your behalf.  

Directive to Physicians: Often referred to as a “living will” or “advance directive”, this document allows you to direct what type of care you would like if you are ever in a terminal or irreversible medical situation.

Transfer on Death Deed (TODD): This legal document is a type of deed used to transfer ownership of your real property (i.e., house or land) to a designated individual or group of individuals when you pass. It is created and signed and filed with the county real property records before you pass and takes effect only after your passing. By using a TODD, a person can transfer the real property directly without going through probate and is similar (but a little different) to a payable on death designation.