What is Estate Planning?

Estate planning refers to strategic process of managing assets before and after death; protecting one’s legal autonomy and wishes; and safeguarding loved ones who stand to inherit. Proper estate planning for Vermonters is based on Vermont law, and is clear, comprehensive, and fully understood by the client.

Trusts

Trusts are sophisticated legal tools used to accomplish your estate planning goals. Such goals may include: avoiding probate after death, protecting loved ones who will inherit, providing for pets, and lowering the administrative burden for one’s family. Trusts are flexible and should be tailored to your specific circumstances.

Wills

A Last Will and Testament is a vital document used to memorialize your wishes regarding how assets are distributed after death. It is also how you designate a guardian for your children in the event of your death. Therefore, even if end of life seems like a far off prospect, it is valuable to have a Will if you have children whom depend on you. There are overlaps between Will and Trusts, and the interplay between the two are best discussed with an Attorney.

Real Estate

If you own real estate in Vermont, there are specific measures that should be employed to ensure the timely and effective transfer after death. Many costly property disputes occur because of ineffective planning for after the property owner dies.

Avoiding probate, allowing occupancy but not ownership, and safeguarding property from certain creditors, are all common goals of estate planning as related to real estate. A “Lady Bird Deed”, officially called an Enhanced Life Estate Deed, is a popular tool in Vermont that transfers Real Estate upon death of the property owner. Only 5 states allow Lady Bird Deeds, which under the correct circumstances, is an invaluable tool!

Power of Attorney

A Power of Attorney designates an individual (or individuals) the right to take actions on your behalf during your life. This is particularly valuable to plan for a time when you are unable to handle your own financial affairs. While an integral part of a comprehensive estate plan, a Power of Attorney is also a powerful instrument that must be thoroughly explained by the attorney to safeguard against potential mismanagement or misuse.

Advanced Directives

Advance Directives are documents that grant the right to a specified individual (or individuals) speak to doctors, access medical records, and make health care decisions on your behalf. It may state preferences regarding end of life care, disposition of remains, and identify individuals that you do not want involved in your health care decision making.

Advance Directives operate in both the legal and health care worlds. You may have the opportunity to complete one with your health care provider. Vermont Ethics Network also provides high quality, Vermont specific, Advance Directive forms. A good estate planning attorney can draft you an Advance Directive, or at the very least, will remind you of its importance and encourage you to complete one on your own.