Getting Started

“When you change the way you look at things, the things you look at change.”- Dr. Wayne Dyer

The best time to plan your Estate is now.

No one wants to think about his or her mortality or the possibility of being unable to make decisions for oneself. This is exactly why so many families are caught off-guard and unprepared when incapacity or sudden death does strike.  Do not wait. You can put something in place now and as circumstances change, you can make amendments to your Plan, which is precisely the way Estate Planning should be done.

Getting Started.

​Helping our Clients begin the process of crafting an Estate Plan is just a starting point. There is a myriad of questions that need to be answered and concerns that need to be addressed before the Plan can begin to take shape. This burden can be overwhelming for many Clients if left to their own devices. Thus, you need a guide and a guiding hand to lead you through the complexity of all the issues and contingencies that apply to your unique situation.

Consider Key Elements.

Before the meeting, you need to identify the critical elements of your Plan, For example:

• Who should inherit assets, and should the assets be divided?
• Who should care for your children if you cannot, including how to provide for your children's education?
• Who should handle your finances if you become incapacitated?
• Who should administer your Estate Plan and distribute your assets?
• Who should be the Executor of your Will? This person will ultimately be affirmed by the Court and act as a fiduciary representing your best interests and those of your beneficiaries.

Take Inventory.

Make a list of current assets and liabilities. This will enable us to calculate your net worth and determine whether the Estate is subject to taxes. The list should include homes and other property, such as vehicles, jewelry, artwork, and other objects of value. Other elements of the inventory include financial statements from banks, brokerage and retirement accounts; safety deposit boxes or safes; insurance policies and liabilities, such as mortgages, lines of credit, and all other debts, as well as any and all information related to a family business.

​Determine the Beneficiaries.

In most states, you can disinherit anyone except your spouse (unless your spouse waived that right in a marital agreement). It would help if you also designated secondary beneficiaries in the event an heir dies, or a designated charitable organization no longer exists after you pass away.

Should You Establish a Trust?

Beneficiaries can receive assets directly or through a Trust. The decision to create a Trust will likely depend on multiple factors, such as a benefactor's age, health, and the family's financial circumstances. There are numerous types of Trusts, but a common choice is a Revocable Living Trust that manages and distributes assets and avoids probate after a Client dies. If you establish a Trust, you will need to determine how long the Trust will exist, when the beneficiaries will receive the assets, and what happens if the beneficiary dies before the assets are distributed.

Creating the Estate Plan:

In many instances, a client may want and need to work with more than one professional expert on an Estate Plan. If that is the case, your Estate Planning Attorney can "quarterback" the team and ensure that all the contingencies are covered and that the documents reflect your wishes.

Some of the more common members of an Estate Planning Team and their Duties include:

A. Estate Planning Team.

• Attorneys can craft or update Wills and Trusts as needed and ensure the Plan meets all federal and state requirements.
• Tax advisors help minimize taxes owed by beneficiaries on the assets they inherit.
• Financial advisors ensure assets are managed specifically to the client's needs, goals, and risk tolerance.
• Insurance Agents can assist with those elements of the Plan that involve life insurance.

B. Preparation/Documentation.

Essential documents and information the team will need or should create for an Estate Plan may include:

• A Will, or the most recent Will should be reviewed;
• Trusts, either a client's own or those in which a client, spouse, or other heirs are beneficiaries;
• Financial Powers of Attorney;
• Prenuptial or Marital Agreements, if applicable;
• Business ownership documents and information, if applicable;
• Advance directives, such as Health Care Powers of Attorney or Living Wills.

Typically, these documents are drafted simultaneously to ensure a couple's wishes regarding life-sustaining treatment are carried out if they become terminally ill.

C. Review and Update.

Once an Estate Plan is in place, you should plan to review and update every three (3) to five (5) years or whenever you experience a life-changing event, such as:

• The death of a spouse;
• The birth or death of a beneficiary or fiduciary;
• Moving to another state or country;
• A significant change in your client's financial situation;
• The purchase or sale of a business;
• Divorce or remarriage; or
• The client, spouse, or beneficiary becomes physically or mentally disabled.

The value of an Estate Plan goes beyond the time and money it can save your loved ones once you are gone. Having an Estate Plan in place assures loved ones that they are financially secure to the best of their abilities and can serve as a valuable relationship between the Estate Planning Attorney and your family's subsequent generations.

Estate Plan Documents Summary.

🔹 The Foundation of Your Estate Plan: Wills and Living Trusts

Most estate plans begin with either a Last Will and Testament or a Revocable Living Trust. While both serve important functions, they operate very differently in terms of process, privacy, control, and long-term effectiveness. Understanding those differences is critical to making the right decision for your family and your legacy.

🔹 Understanding Wills and the Probate Process

A Will is a legal document that provides instructions for how your property should be distributed upon your death. However, what many people don’t realize is that a Will does not avoid probate.

When a person dies with a Will, the assets titled in their name alone must go through their state’s probate process before they can be distributed. If you own property in more than one state, your estate may be subject to multiple probate proceedings, each governed by the laws of the respective state.

⚖️ The Challenges of Probate

• Costly and Lengthy: Probate often incurs significant legal fees, executor fees, and court costs. The process can take nine months to two years or longer, depending on the complexity of the estate and the jurisdiction.
• Public Exposure: Probate files are generally open to the public, which means anyone—including estranged family members—can access the records and potentially challenge your wishes.
• Loss of Control: Ultimately, the court system—not your family—controls the process, often delaying distributions and increasing emotional and financial strain.

For many families, this process is not only burdensome, but it can also compromise the privacy and efficiency they hoped to preserve.

🔹 Living Trusts: A More Comprehensive, Private Approach

Unlike a Will, a Revocable Living Trust can bypass the probate process entirely when properly funded. While assets such as life insurance policies, retirement accounts, and jointly held property often pass outside probate, these strategies are not foolproof.

⚠️ Common Pitfalls of Joint Ownership and Beneficiary Designations.

• If no valid beneficiary is named or if the named beneficiary predeceases you, the asset may still go through probate.
• Naming a minor as a beneficiary usually results in court intervention, including the appointment of a guardian, until the child reaches legal age.
• Joint ownership, though often used as a probate avoidance strategy, can create liability exposure, conflicts, and unintended tax consequences.

For these reasons and more, many families opt for a Living Trust, which offers far greater flexibility, control, and privacy.

🔹 Key Benefits of a Revocable Living Trust.

A Living Trust is a powerful planning tool designed to address both death and incapacity. Its advantages include:

• Avoiding probate—including multiple probates in different states
• Preventing court control of assets in the event of incapacity
• Consolidating all assets—even those with beneficiary designations—into one coordinated plan
• Maintaining privacy—unlike Wills, Trusts are not public record
• Providing continuity—your successor trustee can step in immediately without court involvement
• Preserving values—you can include provisions that reflect your beliefs and goals for your family

Importantly, a Living Trust continues after your death. Unlike a Will, which terminates upon probate and distribution, a Trust can hold and manage assets for beneficiaries over time, according to the terms you’ve specified.

🔹 Long-Term Protections for Loved Ones.

Trusts offer additional benefits that are particularly important for families with complex needs:

• Special Needs Planning: A Trust can ensure ongoing support for a loved one with disabilities without disqualifying them from public assistance.
• Creditor Protection: Assets held in Trust can be shielded from the claims of a beneficiary’s creditors, divorcing spouses, or poor financial decisions.
• Control Over Distributions: You determine when and how your beneficiaries will receive their inheritance—whether in stages, based on age, or for specific purposes like education or housing.

🔹 Living Trusts vs. Wills: Weighing the Investment.

It is true that establishing a Revocable Living Trust may involve a higher upfront cost than preparing a simple Will. However, when you factor in the potential to avoid court proceedings, maintain privacy, and provide continuing support to loved ones, most clients view a Trust as a valuable investment rather than a cost.

In fact, a Trust often results in significant savings for the estate and its beneficiaries by avoiding probate fees, court delays, and legal disputes.

🔹 Don’t Overlook the Details: Titles and Beneficiary Designations Matter.

One of the most overlooked aspects of estate planning is how assets are titled and how beneficiary designations are assigned. Many people assume these are minor details—but a single oversight can unravel an otherwise well-constructed estate plan.

• Outdated or incorrect beneficiary designations can result in unintended distributions or devastating tax consequences, especially on retirement accounts.
• Misalignment between your estate plan and your asset titles may result in assets being excluded from the Trust, triggering probate despite your intentions.

Taking the time to correctly title assets and update beneficiary forms now can prevent unnecessary legal expenses and emotional stress for your family later. It’s not simply a matter of form—it’s an essential part of building a sound, enforceable estate plan.

🔹 Thoughtful Planning, Secure Legacy.

Effective estate planning is never accidental. It requires diligence, clarity, and an understanding of both legal mechanisms and family dynamics. Whether you begin with a Will or move forward with a Living Trust, the key is to ensure your plan is comprehensive, coordinated, and current.

Our role is to help you make these decisions with confidence, and to ensure that your legacy—financial and personal—is preserved exactly as you intend.

Wealth Management.

Wealth Planning and Wealth Management are core elements of your (and your family's) quality of life. It's an ongoing process, not a one-time event. Life circumstances such as having a child, marriage, divorce, disability, and impending death affect your financial picture.

Whether your needs are straightforward or more complex, our process begins with a personalized review of your financial and life objectives. We work together with you and your CPA, financial advisor, and insurance professional to: Identify and understand your key goals, objectives, and the wealth management issues most important to you in developing your net worth statement and assessing your current financial situation, drafting your estate and wealth management legal documents plan for life-changing events through several types of estate planning techniques discuss considerations for retaining, transferring, or sharing your wealth.

Cost of Estate Planning.

For more information, review our VEPS Page, and review the various ways that we can assist you and your family with your Estate Planning.

https://www.rjfesq.com/veps

This is the time to take care of your future. Get started today - For Free!  

The best time to plan your estate is now.

None of us really likes to think about our mortality or the possibility of being unable to make decisions for ourselves. This is why so many families are caught off-guard and unprepared when incapacity or death strikes. Do not wait. You can put something in place now and change it later, which is precisely how Estate Planning should be done.

You can also review our Concierge Estate Planning Service under Legal Plans.

The best benefit is peace of mind.

Knowing you have a properly prepared plan in place - one that contains your instructions and will protect your family - will give you and your family peace of mind. This is one of the most thoughtful and considerate things you can do for yourself and for those you love. We know you have lots of questions about Estate Planning. 

At the RJ Fichera Law Firm, we are here to answer your specific questions. Contact us either by using our online form or by calling us directly at 610-768-9255 to schedule a Free Consultation.