Do I Need An Estate Plan or just a Will?
The Law Offices of Gregory S. Duncan is committed to providing expert advice on all aspects of estate planning, from creating revocable living trusts and drafting marital agreements to managing the probate process.
Whether you're planning for a growing family, launching a new business, or need more advanced estate planning strategies, we will collaborate with you to create a tailored and efficient plan that helps you meet your objectives.
Estate planning involves much more than simply drafting a Will—it’s a comprehensive approach to securing your legacy. The goal of an estate plan is to help you assess your financial needs and assets so that you can pass on your wealth to your heirs in a manner that is both efficient and private.
A well-crafted estate plan offers guidance for your loved ones in various situations, including when you're unable to make decisions for yourself. Key documents in an estate plan typically include a Revocable Living Trust, Pour-Over Wills, Powers of Attorney, Health Care Directives, and Grant Deeds for any real property you own. It should also address the distribution of your real and personal property, as well as any family-owned businesses.
If your combined real and personal property exceeds $184,500, you’ll need more than just a basic will—you’ll need a comprehensive estate plan. Our office is dedicated to helping you and your family develop a plan that is both effective and suited to your unique needs.
What is a Durable Power of Attorney for Financial Matters?
There are many types of Powers of Attorney (POA) depending on your specific situation. A POA can be either General (broad) or Limited (narrow) in scope. The POA gives a person designated by you the right to make financial decisions on your behalf. When a POA is created you are referred to as the principal, and the person you choose to act for you is called your "attorney-in-fact" or your "agent".
A General POA can be either Durable or Springing. A Durable POA is valid upon execution and only during your lifetime. It remains in effect until your death, your revocation, or destruction of the document. It allows your agent to make a wide variety of financial decisions for you. A Springing POA becomes effective only at a certain time or a specific situation, such as your incapacity. So, it "springs" into action only upon the occurrence of an event.
A Limited POA is narrowly tailored to a specific situation in which you are designating your agent to act on your behalf. An example of a Limited POA would be designating your agent to handle a real estate transaction, or some other specific financial matter for you.
What is an Advanced Health Care Directive?
Often called a Health Care Power of Attorney (HCPOA), this document allows you to designate someone to make healthcare decisions on your behalf. Your chosen agent will have the authority to make important decisions about life-sustaining treatments and other medical care. It also ensures that your right to refuse certain treatments—such as life-sustaining procedures that would only delay the inevitable—is upheld.
Without an Advanced Health Care Directive in place, if you become incapacitated, a court will initiate a Conservatorship process to appoint someone to make healthcare decisions for you.
Free Consultation
Receive a free 30-minute consultation.
During your consultation, Gregory S. Duncan will review your legal issue and discuss the best course of action. All communication is held in the strictest confidence.
Call us today! Office: (760) 729-2774 or complete our online form.