Estate Planning and Probate
Estate Planning
Most individuals need to engage in estate planning to not only provide for an orderly transfer of wealth and minimize tax implications but also to insure that one’s estate plan properly provides for loved ones. At Umberger Wells, P.A. we can assist clients in determining the best approach to achieve these objectives. Our services encompass not only Wills and Trusts, but all facets of estate planning. Among other types of documents, we can assist in preparing:
- Wills, through which you can designate heirs, create trusts (for spouses and/or children, for example), and create a tax-minimization plan.
- Living Wills and Health Care Power of Attorneys, which can provide instructions regarding your healthcare in the event that you become incapacitated.
- Powers of attorney and durable powers of attorney, by which you designate an agent to act on your behalf regarding financial decisions and other matters.
- Trusts, including inter vivos trusts, minors' trusts and life insurance trusts (ILITs). Trusts can allow others to hold your property temporarily or permanently, provide income to a minor or special-needs individual, help your estate avoid the probate process, and keep life insurance proceeds separate from an estate.
- Basic tax planning, including credit shelter trusts and help with gift taxes and estate taxes. Especially for those whose assets and income are above an ever-changing threshold, basic tax planning can limit or possibly even eliminate the effects of taxation upon death.
Estate Probate
We also provide assistance in working through the court-managed administration process of an estate after an individual’s passing. Each estate is unique and the handling of estate matters may feel overwhelming to those unfamiliar with the process.
Whether the decedent passed with or without a will, we provide guidance through each step of the administrative process, including:
· Initial Court Filings including the appointment of either an Executor (if decedent passed with a will) or Administrator (if decedent passed without a will)
· Identification of estate assets and the preparation of Inventories
· Notifying Creditors of Decedent and coordinating the payment of estate debts
· Filing required documentation with the Court
· Final distribution of assets to heirs of the estate
If you would like assistance in relation to either estate planning or estate probate, please contact our firm at 704-375-1800 to arrange for a consultation.