Estate Planning | Attorney Della Ripa

-- Estate Planning --

"Estate Planning" is more of a general phrase for any planning you do in advance. It can be as little or as much as you are comfortable doing. There are many terms and acronyms most of us have probably heard about, either from friends, family, television or the internet, but perhaps you are not quite clear as to what you need, if you need anything, or if the planning you have already done is adequate to express your current wishes and concerns. Everyone's situation and family dynamics are different. This is why it is important to speak with an estate planning attorney to discuss your assets, your family, and your concerns. "Estate planning" is

not just for people who have reached a certain age or have obtained a certain amount of assets. You have been ill-advised if you were ever told "you are too young (or don't have enough stuff) to worry about that." Yes, statistically-speaking, the younger you are, the less likely that any planning would soon be put into effect. However, the consequences of not planning, in my opinion, highly outweigh the cost of doing even minimal planning. This is even more important if you have young children, family members with special needs, estranged family members, or charitable intentions. More importantly, "planning" doesn't just apply to what happens when we die; it can also encompass our wishes while we are alive, but for whatever reason are unable to communication those wishes.

- WILL" or "LAST WILL" or "LAST WILL & TESTAMENT": a document you execute to tell the world, at a minimum, (1) who gets your stuff when you die, and (2) who you want to be in charge of your Estate to make sure your wishes are followed. A Will can be as simple or elaborate as you want or need. It can be changed as many times as you like so long as you have the testamentary capacity to do so. Nothing is final until the day you die or the day you no longer have testamentary capacity.

- "TRUST": an Agreement between a Grantor and a Trustee (who can be the same person) to hold property for the benefit of others -- the "beneficiaries" -- some of which can enjoy the property now and others can enjoy later, free of any restrictions or loaded with restrictions. It can be "revocable" or "irrevocable." It can be made while you are alive ("inter vivos") or at your death ("testamentary"). The purpose and restrictions are limited by one's imagination, so long as public policy is not violated.

- "POWER OF ATTORNEY": a document whereby you grant the power to someone else to act on your behalf. This can be very restrictive and limited to only certain assets or tasks, or they can be very general. It can take effect immediately or can take effect at a later date or upon the occurrence of an event. These can be revoked at any time or will be automatically revoked upon death or if ordered by a judge.

- "ADVANCE DIRECTIVE": a general term for a document that expresses your wishes or appoints someone else to make decisions on your behalf when you are no longer able to do so on your own. There are numerous types of Advance Directives. You can appoint someone to act as your health care agent to make medical decisions on your behalf. You can make your wishes clear with regard to medical treatment you do or do not want administered if you are in a terminal, vegetative state (a "Living Will"). You can appoint someone to serve as your conservator if you ever need one. You can express your wishes as to who you want and trust to be the guardian of your children. You can express your wishes with more specificity regarding organ donation.

Perhaps you just need to talk to an attorney to get some ideas. Perhaps you did some planning ages ago and the attorney who prepared the plan retired, or you just want a new set of eyes on it. Perhaps you have a family member who is stubborn and resistant, but you know he or she could really benefit from a no-stress/no-pressure conversation in a relaxed environment with a professional. Or maybe you just want to pick the brain of an estate planning attorney about some ideas you heard about. Whatever your situation, I am more than happy to speak with you in-person in my office or your home, initially over the phone, or a Zoom meeting.

There's a lot here (and a lot more not listed), and it can seem quite overwhelming. Besides, who really wants to think or talk about about our own mortality? The reality is, however, that we all have to face it, and ignoring it will certainly make matters much worse in the end, especially for whoever chooses to take the lead to try to get things figured out. Having no plan is never a good plan. Talk with any estate planning attorney who has administered estates -- he or she will most certainly have HORROR STORIES to tell of the disasters caused by NOT planning: siblings fighting over who should be in charge, family relationships being irreparably damaged, estate money being depleted over fights where only the attorneys involved win. None of us want our family going through that. The more planning you do now while you have mental capacity and can discuss it with your family (if you want to), the better.