The simplest form of an estate plan is creating a Last Will & Testament. While this one document will likely accomplish the desired result when that person passes away, it does not accomplish the result in the most cost-efficient way. There are many situations that cannot be addressed with a simple Will. This is why at Tresp Law, APC, we recommend a comprehensive approach to Estate Planning.
The first step is meeting with one of our planning attorneys to assess your current life circumstance and asset profile. This is by far the most important step in the process because it will allow the client to see the full picture of how death and/or incapacity can impact a person, their family, and their friends. At this step we can assess what documents are needed.
Once engaged, our attorneys meet with clients to dig into details about family dynamics, asset holdings, and the desired future result. This one-on-one time with the attorney really opens up the possibilities for our clients because the attorney provides immediate feedback to their questions. Many firms will use questionnaires to request information from clients, but this can be a frustrating endeavor for the client because they will not be in a position to ask questions in real-time.
When the documents are drafted, our attorneys meet again with clients to review the drafts and ensure everything is correct. This is helpful to the clients because the attorney can clarify the legalese in the documents and show how the elections made are translated into the documents themselves. It is important that the client fully understands what they are signing so the documents will not be questioned later.
The final step in the estate planning process is signing the documents and discussing the funding of the assets with the client. The funding is critical to ensure the effectiveness of the planning. Tresp Law, APC will handle the transfer of real property into a revocable living trust, and we provide instructions for the client to ensure proper funding of other assets and will provide ongoing support if the client runs into any issues.
Much more than the documents themselves, estate planning should be about a relationship with an attorney who can advise clients as to their best course of action. The communication is key, and understanding the unique circumstances of each individual or family. This is the mainstay of what Tresp Law, APC provides to clients. It is a Pillar of Peace of Mind, knowing that your estate planning is handled professionally.
