3 Reasons Why Mattingly Ford is Better for Estate Planning
- Transfer ALL Assets: We work with you to fully fund your trust at no additional charge.
- Build Relationships: We personally review Trust clients’ files every 2-3 years and provide ongoing legal support at complementary or reduced rates.
- Experience: You benefit from a combined 100 years of experience in the industry.
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Why Is Estate Planning Important?
Your estate consists of all the assets you have accumulated during your lifetime – from real estate and bank accounts to vehicles, jewelry, art and other investments. Planning for your estate now, while you are alive and well, with the help of Mattingly Ford’s experienced professionals, has lasting benefits for you and your loved ones.
Outline Your Wishes Now to Give Your Loved Ones Peace of Mind Later
It is a common belief that the only purpose of estate planning is to avoid probate and extra taxes on your assets in the event of your death. While preventing the state from making important decisions about how your assets will be allocated is an important benefit, having a plan for your estate in the instance of your death or incapacitation also takes a huge burden off of your loved ones.
The Benefits of Working with an Estate Planning Attorney
Dennis Mattingly President & CEO
Emily C. Moore Attorney
An Estate Plan ensures the following:
You give your family peace of mind.
You decide where and how your property is distributed when you die.
You decide who will care for your minor children and any inheritance they receive
You may be able to plan for and pay less in taxes, fees and other expenses
You protect your loved ones
You ensure your wishes are carried out
You leave a legacy
At Mattingly Ford, we walk you through the estate planning process and ensure that your wishes are met.
What Do Different Estate Planning Terms Mean?
Some of the terminology that is used during the estate planning process can seem daunting. We want to help you understand the most common estate planning terms and what they mean to help you get a better understanding of your needs before you dive in:
Last Wills
A will lawyer works with individuals to create last wills, which are legal documents that direct your wishes for where and how your estate will be distributed. A last will can be changed or revoked at any point during your lifetime, but it becomes effective after your death.
Living Wills
A living will is a legal document that details the medical directions and treatment that you wish or do not wish to be followed in the event that you become seriously ill or incapacitated and become incapable of communicating medical decisions on your own behalf.
Trusts
A trust is a legal tool used to own title to your assets during life, and privately distribute those assets after your death. While the purpose of both wills and trusts are to transfer your estate to your heirs, only a trust allows your loved ones to bypass probate court. There are many different types of trusts that an estate planning attorney can help you create, including:
- Revocable Living Trust
- Special Needs Trust
- Charitable Remainder Trust
- Community Property Trust
Probate
Probate is the legal process for settling and administering estates for individuals with no estate plan or with just a will. During this process, a probate court oversees, and at times, makes decisions in administering a loved ones estate. This process can add significant costs, be time-consuming, and puts important decisions in the hands of the courts. However, at times, Probate can be helpful in dealing with family members who do not get along or where there is significant mistrust.
Durable Power of Attorney
Working with a power of attorney lawyer to plan for a Durable Power of Attorney gives another person, such as your spouse or child, the power to act on your behalf should you become incapacitated or otherwise unavailable for reasons other than a death. Without this planning, family members will have to petition the court for access to your finances, a process that is often time consuming and expensive.
Medical Power of Attorney
Medical Power of Attorney grants a third party, such as a spouse or adult child, the power to make medical decisions on your behalf and allows the medical professionals to communicate with your POA about your medical condition and treatment. Planning for a Medical POA helps ensure that someone you trust will be making your important medical decisions.
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(502) 814-9860