Estate Planning

At Wayburne Law Firm, PC we work closely with clients to create comprehensive plans for the distribution of their assets after death. We assist clients in drafting wills, establishing trusts, and designating beneficiaries. We also provide guidance on minimizing tax liabilities, protecting assets, and ensuring the smooth transfer of wealth to future generations.

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Estate Planning

WILL

A will is a legal document that outlines how a person's assets and properties will be distributed after their death. It allows individuals to designate beneficiaries, name an executor, and provide instructions regarding the division of their estate.

TRUST

A trust is a legal entity that holds assets for the benefit of designated beneficiaries. It offers more flexibility and control over the distribution of assets, provides privacy, and can help minimize estate taxes. Common types of trusts include revocable living trusts, irrevocable trusts, charitable trusts, and special needs trusts.

POWER OF ATTORNEY

A power of attorney is a legal document that designates someone to act on behalf of an individual in managing their financial and legal affairs. It can be limited to specific matters or grant broad authority.

HEALTCARE PROXY

Healthcare Proxy or Medical Power of Attorney: This document appoints a trusted individual as a healthcare agent or proxy to make medical decisions on behalf of the person in case they become incapacitated and unable to communicate their wishes.

LIVING WILL

A living will, also known as an advance healthcare directive, is a legal document that outlines an individual's preferences regarding medical treatment and end-of-life decisions. It provides guidance to healthcare providers and family members in situations where the individual cannot express their wishes.

BENEFICIARY DESIGNATION

Certain assets, such as life insurance policies, retirement accounts, and payable-on-death bank accounts, allow individuals to designate beneficiaries. These designations override instructions in a will and ensure that the assets pass directly to the named beneficiaries.

GUARDIANSHIP

Guardianship Designations: Parents can use estate planning to designate guardians for their minor children in the event of their death or incapacity. This ensures that the children will be cared for by individuals chosen by the parents.

ESTATE TAX PLANNING

Estate Tax Planning: For individuals with significant assets, estate tax planning involves strategies to minimize or mitigate estate taxes, such as gifting, charitable giving, and the use of trusts.