At O’Keeffe O’Brien Lyson Foss of Fargo, our attorneys can help create an estate planning strategy designed specifically for your situation by using the best available tools, including:
A properly prepared will is the most common way for an individual to state their wishes for distribution of their assets upon their death. A well written will eases the burden on surviving family members by assuring property, money, and personal effects are distributed as quickly as North Dakota and Minnesota laws allow. Attorneys at our firm are experienced in working with individuals and families to assure their wills and estate plans are documented properly.
Estate planning is the process of anticipating and arranging the proper management and distribution of a person’s estate (property, money, personal items, etc.) during life and after death. An estate plan will address gifting, estate and income tax issues; generation skipping; planning for incapacity along with issues of administration of probate. Estate planning can be simple (a basic will) or as complex as the client’s wishes and needs require. Estate plans can include the naming of guardians for children, beneficiaries, or conservators in the case of incapacity. It is important for you to consult with an experienced attorney for suggestions and guidance in setting up an estate plan that will address your wishes and potential unplanned issues that might arise in the future. We recommend scheduling a consultation with our estate planning team soon to discuss the many options and considerations before moving forward with development of a legal document. Of course, once you’ve decided on your wishes and concerns, we will be able develop your estate plan documents.
There are several types of trusts: irrevocable trusts, revocable trusts, life insurance trusts, and other types of specialty trusts. Trusts are established by documents created by an experienced attorney to ensure that an individual’s property or money transfer to others in accordance with their wishes. Trusts can be created for asset transfers during life or at the end of life. It is important for you to consult with an experienced attorney about the various types of trusts available for you. If you are interested in possibly establishing a trust, contact O’Keeffe O’Brien Lyson Foss in Fargo.
A healthcare directive, sometimes called a living will, directive to physicians, or advance directive, is a document that allows you to provide your wishes for end-of-life medical care, in case you become unable to communicate your decisions. This is a strongly suggested part of an estate plan. Our estate planning attorneys can discuss this with you in detail, allowing for your decisions to be made now, before the need is necessary.
Durable Powers of Attorney
A Durable Power of Attorney is a document that gives the named representative authority to perform certain specified acts on behalf of you even if you become disabled or legally incapacitated. A Durable Power of Attorney has no power after death. This is usually part of a person’s estate plan to allow a representative to make important decisions and perform important tasks for you if you are unable to. Now is the time to discuss this type of legal instrument with an experienced estate planning attorney.
Estate planning is something for everyone to consider, no matter what their time of life or financial situation. At O’Keeffe O’Brien Lyson Foss, we have an experienced legal team who will help you by discussing the many options, considerations and protections available to you, your family, business partners, and others. Developing a well thought out estate plan will provide you with true peace of mind, knowing your wishes will be carried out in your future no matter your physical or mental situation, and, of course, upon death.