Estate Planning

The last thing most people want to think about is death or disability, but establishing an estate plan is an essential step in protecting your family – and yourself. Planning for the future now puts you in charge of your estate and ensures that your family is well-prepared to manage your affairs.

A good plan accomplishes your family goals, outlines your wishes regarding health care, eases the management of your estate and minimizes the taxes paid by your estate upon your death.

Mark W. Yaros, Esq. helps families develop estate plans every day and some of the most common elements are:

• Living Will-Medical Decision Power of Attorney
• General Durable Power of Attorney
• Last Will and Testament
• Trusts
  
  

Living Will and Medical Decision
Power of Attorney

A Living Will and Medical Decision Power of Attorney outlines your wishes concerning the kind of medical treatment you want (or do not want) should you become unable to communicate with your health care providers or your family. In the document, you appoint a person to act as your legal representative to make medical decisions for you.

General Durable Power of Attorney

A General Durable Power of Attorney grants very broad, legal authority to another individual, called the “attorney-in-fact,” to make decisions on your behalf, including, but not limited to, making property, financial and legal decisions.

Last Will and Testament

A will is a personal declaration of your wishes for the disposition of your property when you die. It allows you to: choose an executor; designate a guardian for your minor children or other dependents unable to fully care for themselves; distribute your property to beneficiaries of your choosing; make donations to charity; and minimize your estate tax obligation.

Trusts

Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. A trust is a legal entity that can hold title to property for the benefit of one or more other persons or entities.