Contrary to popular belief, one doesn’t need to be a millionaire to have an estate. Your estate includes everything you own when you die such as your home, personal property, bank accounts, and retirement plans. Although a few assets such as retirement accounts or life insurance often have beneficiary designations, for majority of your assets, you will need a will or trust to control who gets them after your death. If you die without a will or a trust, your assets will be divided according to state’s laws. This is not only an outcome you may not have wished for, but the process can be very lengthy and costly for your loved ones.
With an estate plan you will be able to get your assets to your loved ones more quickly. You will also be able to plan for physical or mental incapacity in case of accident or illness, choose a favorite cause to support, pick who the person who will handle your assets, ensure your businesses continue smoothly, and reduce taxes on your estate.
What types of cases do we handle?
Trusts – A trust is a contract that usually sets forth who will manage one's assets, how the assets should be managed, and how distribution of one's property is to take place upon death. At Holborn we can assist you in drafting a trust which is appropriate for your needs such as: Living Trust, Revocable Trust, Irrevocable Trust, AB Trust, ABC Trust, Q-TIP Trust, Special Needs Trust, Spendthrift Trust, Education Trust, Charitable Trust, and Life Insurance Trust
Wills – Holborn can assist you to draft a will that can address the following goals: Whom do I want to leave my assets to and based on what terms? Will my estate go through probate upon my death? Would it be good to avoid probate and how do I avoid it? Are estate taxes something I should worry about? How do I minimize or avoid them? Who will be in charge of administering my estate? If I have minor children, who will raise them (handle personal matters and/or finances for them)?
Guardianship for Minor Children – We can assist you in protecting your minor children’s legal right by drafting a guardianship. Guardianship will protect your children’s rights and privileges in areas such as maintaining residence, choosing school, choosing religion and moral beliefs, and making financial decisions.
Power of Attorney - A Power of Attorney is a document that appoints a designated person or persons to act in your place and to execute legal documents in your absence or incapacity. At Holborn, we can assist you in drafting Limited or Specific Power of Attorney which will be for a specific transactions; Springing Power of Attorney which will becomes active only on a specified occurrence such as your physician declaring you are incapacitated; or General Power of Attorney which is to be used at anytime and for any purpose.
Healthcare Directive/Healthcare Power of Attorney – We can assist you in drafting a Healthcare Directive which allows you to name the person or persons you wish to have make your medical decisions for you in case you become unable to do so. It will also cover your wishes regarding use of life support or organ donation. It also gives the person(s) you've named the ability to access your medical information.
Probate & Estate Administration – Holborn can assist you in probating an estate. Probate usually involves the following steps: Filing of a petition with the proper probate court, Notice to heirs under the Will or to statutory heirs (if no Will exists), Petition to appoint Executor (in the case of a Will) or Administrator for the estate, Inventory and appraisal of estate assets by Executor/Administrator, Payment of estate debt to rightful creditors, Sale of estate assets, Payment of estate taxes, and if applicable, Final distribution of assets to heirs.
How much does it cost? While each case is different, we offer our clients a variety of billing options, including flat-fee, task-based, hourly, and scaled billing.