Estate Planning and Probate
ABST Law provides legal services with regard to Estate Planning, Business and Farm Succession Planning, and Probate Administration.
Estate Planning. The estate planning work that we do for our clients generally includes the preparation of Wills, Durable Powers of Attorney, and Health Care Directives. As part of the estate planning process we discuss with our clients the intended distribution of their property upon their deaths. We also discuss with them the difference between non-probate and probate property and the need to properly designate beneficiaries for non-probate property. Additionally, we discuss planning to avoid potential claims by Medical Assistance if nursing home care is needed. Discussion is also had regarding any need for trusts in order to avoid or minimize estate taxes, to provide for minor children, or for any other reason.
Business and Farm Succession Planning. For clients with interests in businesses and farms, our estate planning services include assistance with Business Succession and Farm Succession planning. After determining a client’s plans for the succession of a business or a farm, we prepare the appropriate documents and create any appropriate entities to implement the plan. Such plans may be implemented using combinations of Wills, Trusts, asset transfers, Limited Liability Companies (LLCs) and/or other entities.
Probate Administration. We assist families in administering and distributing assets after the death of a loved one. We meet with the family to determine the involved assets and the individual who will be the Personal Representative of the estate. The appropriate documents are prepared and filed with the court to commence the probate of the estate and appoint the Personal Representative. We then work with the Personal Representative to administer the estate and make distributions. For larger estates, we provide advice concerning whether it would be beneficial for a beneficiary to disclaim certain assets in order to avoid or minimize estate taxes. We also help families, if need be, with the distribution of non-probate assets such as jointly-held property and assets with named beneficiaries, such as retirement accounts, investment accounts and life insurance policies.