The estate planning attorneys at Groth & Associates can help you explore your goals and draft a legally sound solution that fits your family's unique needs. Preparing for death or disability is an uncomfortable but necessary task, made easier with the right lawyer. Groth & Associates practices in all areas of estate planning, including preparation of trusts, wills and the administration of estates. The attorneys at Groth & Associates will take the time to explain the sometimes confusing terms and options in planning for your future. Please see some frequently asked questions below.
What are the purposes of an estate plan?
The purposes of an estate plan is to plan for the management and disposition of your property while you are alive and after your death; and plan your health care if you become unable to take care of yourself.
What does a will do?
A will provides for the distribution of property owned by you at the time of your death in any manner you choose. Your will cannot, however, govern the disposition of properties that pass outside your probate estate (such as certain joint property, life insurance, retirement plans and employee death benefits) unless they are payable to your estate.
How do you execute a will?
Wills are signed in the presence of witnesses and certain formalities must be observed. A later amendment to a will is called a codicil and must be signed with the same formalities. In many states, a will that is formally executed with the signatures notarized is deemed to be self proved and may be admitted to probate without testimony of witnesses or other additional proof.
What is a trust?
The term trust describes the holding of property by a trustee (which may be one or more persons or a corporate trust company or bank) in accordance with the provisions of a written trust instrument for the benefit of one or more persons called beneficiaries. A person may be both a trustee and a beneficiary of the same trust.