If the decedent is survived by his or her spouse, estate planning for the survivor is an integral part of estate administration. Estate planning for survivors is necessary to avoid probate of his or her assets upon death, as well as to minimize taxation of the assets on the second to die. We work with survivors to prepare a durable power of attorney, medical directive and power of attorney, last will and testament, and revocable trust, as well as other more complex mechanisms for asset transfers depending on the needs of the survivor.
Inherent in the process of estate planning for survivors is the modification of beneficiary designations on retirement accounts, pensions, and life insurance policies, as well as the re-titling of assets into the name of any trust created as a result of the estate planning. The attorneys with the Probate Law Firm have vast experience with estate planning for survivors and the preservation of assets for future generations.