Kirk Estate Planning

  Most of my clients breathe a sigh of relief once their estate planning is complete.   All of us know that wonderful feeling when a daunting task we’ve been thinking about for a while is finally finished.   However, there a few additional steps that can truly wind up the process and offer complete peace of mind.   1.       Fund your trust.   “Funding” a trust means either transferring ownership of assets to your trust during your lifetime, or designating the trust as beneficiary upon your death (also known as “Pay on Death” or “Transfer on Death” designations).   If you fail to fund your trust, your assets may have to go through the probate process using your “pourover” will.   In that case, the assets will eventually reach the trust, but the trust’s advantage of avoiding probate court, with its associated expenses and delays, would be lost.   In addition, if your assets do not pass through your trust, they can lose any protections and “backup plans” we’ve built into the trust.

  Especially during this difficult year, many people are thinking about writing a will or creating a trust.   It’s a good instinct because estate plans are truly a gift for you and your loved ones, contributing to family harmony and peace of mind. But a few hurdles can stand in the way of completing this important work, such as uncertainty about which attorney to hire, how much it will cost, or concern that it will be a difficult, complicated process.   While estate plans definitely help maximize the preservation of assets and property for the next generation, it’s good to remember that an estate plan is about more than just money.  Even if you don’t feel like you're "rich," your estate plan serves many other purposes. A complete estate plan allows you to accomplish important goals, for example:    1. Offering guidance to your loved ones during a difficult time. An estate plan will record your wishes in black and white, so that your family members aren’t left