Wills and Estate Planning: Shaheen & Gordon, P.A.

— Laura T. Tetrault, Esq.
Shaheen & Gordon, P.A.

— Amanda K. Steenhuis, Esq.
Shaheen & Gordon, P.A.

Q: What are the basics of a comprehensive estate plan?

A: Most estate planning attorneys will encourage you to plan for the management of your assets and health care decision-making during your incapacity and also the distribution of those assets after you pass.

The former are considered “lifetime” documents and include the health care advance directive and durable power of attorney. The latter directs the distribution of your estate upon your death and includes a will and/or a trust.

A will directs the distribution of your probate assets and nominates a guardian of your minor children. A trust creates a legal entity that can hold title. After your death, a properly funded trust will allow your assets to be distributed outside of the probate process, privately and according to your beneficiaries’ timeline.

Q: What types of supplemental planning do families look for?

A: Many times, comprehensive planning includes supplemental trusts that address specific assets or needs of beneficiaries. Building a strong relationship with your estate planning attorney will allow them to best guide you on what tools will ensure your goals are met upon your incapacity or death.

One example of this is a special needs trust, which when properly funded and administered ensures a beneficiary who receives needs-based services from the government will not lose such benefits upon your death while allowing your assets to serve as a supplement to their basic needs.

Other families may consider special qualified terminable interest property trusts for second marriages, trusts with disclaimer provisions if estate taxes are a concern, or a family camp trust to ensure real estate stays in the family for future generations to enjoy.