Uncertainty regarding the future will always be part of the human condition, and as long as uncertainty exists, we will do our best to plan and adapt. Estate planning focuses on the broad range of “what-if” scenarios facing everyday people and prepares for a litany of potential unknowns. As an attorney and owner of a small law office focused on estate planning, I help clients navigate such ambiguities and chart a path through the legal complexities presented by potential incapacity and death. While my services focus on the legal aspects of estate planning, I am often reminded I am not just an attorney, but an attorney and counselor. In dealing with the somber topics of incapacity and mortality, conversations often delve into fears, hopes, insights, and concerns and sometimes just listening and being there is as important as legal advice. This human and personal aspect is what attracted me to this practice. Daily, I assist people who want to make sure that their kids or families are taken care of when the inevitable occurs, and I help them to prepare the necessary legal instruments to accomplish their goals. At the end of the day, my service provides security and comfort to my clients and their families.
Estate planning is very personal and requires a great deal of trust. By running a small, virtual office, I am not confined by the ridged structure of larger firms and can focus on building personalized relationships, typically at my client’s kitchen table. This approach creates a unique and effective method of building trust, learning the client’s specific needs, and developing tailored legal instruments to meet those needs. This approach also allows me the flexibility to meet clients in rural communities across the state and provide services where access to adequate counsel is limited. At the end of the day, I provide the client with peace of mind during their lifetime, and I reduce the stress families face when they lose a loved one. Yet as common place as estate planning has become, there is still a gap in common knowledge as to what the practice entails.
Many people ask, “What is estate planning?” Think of estate planning as the process of establishing a roadmap of your intentions regarding the control and management of yourself and your assets in the event of incapacity or death and preparing the necessary legal instruments to support your plan. Often, prospective clients will be unfamiliar with the process or have pre-conceived notions either from previously participating in the probate process or from pop culture. In my practice, I regularly face the need to bust myths and counsel clients about the approaches and benefits of estate planning.
The first common myth is that estate planning is for the old or the wealthy. Yet, we all face uncertainty, and we all have assets and loved ones that could be jeopardized in the event of unforeseen circumstances. A single accident or an unfortunate illness could incapacitate a person and render such a person unable to execute an estate plan, leaving them and their family subject to guardianships, conservatorships, or even probate.
The second common myth is that the Last Will and Testament is the end all of estate planning. A Will does provide a place to name guardians for children and does serve to distribute assets held in your name. However, a Will must be probated to be given power, and most clients wish to avoid probate due to its public nature, cost, and duration. Additionally, a Will is only effective after death, rendering it ineffectual for purposes of incapacity. In order to address such deficiencies, other legal instruments are required.
Advanced directives address the shortcomings regarding incapacity. Advanced directives include Healthcare Declarations, Living Wills, and Durable Powers of Attorney for financial matters. These documents allow you to name people who will serve if you are incapacitated and allow you to specify your intentions as to your health and medical preferences. Having agents named and your preferences defined ensures you receive the care and treatment you prefer, even if you cannot speak to your care providers, and allows your financial matters to be handled by a trusted friend or family member instead of a court appointed agent.
A Revocable Trust can avoid probate and keep your distributions private. Probate provides a mechanism for assets held only in your name to be transferred to another person after death. A Revocable Trust serves as a bucket for your assets, meaning your assets are held in your Trust’s name and not your own, which allows the Trustee to transfer the asset according to your direction and avoid probate. Typically, a “Pour-Over” Will is used in conjunction with the Trust as a safety net to transfer any assets into your trust which are either held in an individual’s name or obtained after death. Further, Revocable Trusts also direct how assets will be managed and handled in the event of your incapacity. This feature allows you to rely on your Trustees to ensure you receive care and resources from your Trust during your life. The synergy of Advanced Directives, a Trust, and Will together can provide a firm foundation for protecting you and your assets during incapacity and providing a mechanism for distributing of assets on your death.
My practice is about building trust and serving my clients. While uncertainty will always exist, having a well-tailored estate plan can help provide a great deal of certainty in the event of incapacity or death. Everyday, I get to serve people and help clients and their families prepare for and get through the worst times of their lives, which is the most rewarding career I can imagine.
The Law Office of Matthew J. Williams
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