Estate Planning - Wilson Law Group, LLC

Mental Health Considerations in Estate Planning

The odds are that you or somebody in your family is living with a mental health condition. Rather than ignoring what might be an uncomfortable topic, you should think proactively about the challenges of living with mental illness and set up an estate plan that addresses such challenges head-on. Estate planning is a sensitive subject and it can be even more sensitive when the issue of mental health is involved. If you need to set up an estate plan, or revise an existing estate plan, around mental health concerns, we are here to help. Please contact our office to set up an appointment with an estate planning attorney.

Should You Consider a Life Estate for Your Home?

A life estate, sometimes called a right of occupancy, is a property law concept that allows a property owner to split their interest in real estate and other types of property into different types of ownership that can exist simultaneously. For example, the owner of a cabin could legally split their ownership interest in the cabin, allowing them to possess and enjoy the cabin for the remainder of their life and then, at death, automatically pass full ownership of the cabin to a named individual.

Decanting: Redoing Your Loved One’s Estate Plan

Decanting is an important tool that emerged in some states in the last century.[1] This tool is increasingly being used to remedy situations where a now-irrevocable trust needs to be fixed because of changing circumstances that appear to work contrary to the trustmaker’s intent.

What if I Can Find Only Photocopies or Digital Copies of My Estate Planning Documents?

Although some attorneys make it their standard practice to retain and store a client’s original will for safekeeping as a service, that trend is becoming increasingly rare. As more law offices make efforts to “go green” by storing only digital copies of legal documents, they are giving their clients the responsibility of keeping their original documents safe.

Trust Funding: Is Everything Titled Correctly?

Working with an attorney to draft a trust agreement for estate planning purposes is an important step. But just getting the document drafted and signed is not enough. For any trust to be effective, you must complete the process of funding your trust as soon as you can. But what exactly is funding?

What Is a Separate Revocable Living Trust?

When a couple engages in foundational estate planning, one of the first questions addressed by estate planning attorneys is whether it makes sense for the couple to use a revocable living trust (RLT) as a part of their plan. If using an RLT makes sense, an important follow-up question to married couples should be whether it makes sense for them to use a joint RLT or separate RLTs.

How Your Financial and Estate Planning Team Has Your Back

Comprehensive estate and financial plans are not just for the wealthy. Anyone who cares for a person or cause and who wants to provide for the person or cause after they die can benefit from such plans. Along with comprehensive estate and financial plans comes a team to help you create, manage, and support those plans. This team includes your estate planning attorney, financial advisor, certified public accountant, insurance agent, and even your spiritual advisor.

Estate Planning: Answering Common Questions of Senior Citizens

According to a study conducted by Caring.com, the percentage of people aged fifty-five and older who have created a will has fallen from 60 percent to 44 percent since 2019.[1] Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We are here to help you.

Can a Beneficiary Also Be a Trustee of a Trust?

Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of ...

Estate Planning Checklist: Multigenerational Wealth Transfers

Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation. To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place to achieve these goals.

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