A will is a legal document which expresses persons' desires with regard to the management and distribution of his estate after his death.
At Four Brothers Financial, LLC. we will take you through a process and help you prepare a will according to your wishes, whether simple or complex, while assisting you in minimizing your estate tax, all at affordable cost to you.
During will preparation we:
1. Prepare the will.
We will provide you with a detailed questionnaire that will help us determine the property, the executors, the trustees and the beneficiaries as well as assist you in more complex situations involving charities, trusts, conditional conveyances, etc.
2. Help you consider if a trust is right for you.
Living trust is a mechanism for holding and distributing a person's assets to avoid probate. Whether you need a trust or not depends on an individual basis. If we determine that it is in your best interest, we will assist you in setting up a trust and seeking the most cost efficient method to avoid/shorten the probate process.
3. Constructing a living will and its power of attorney.
A living will is a legal document that a person uses to make known his or her wishes regarding life prolonging medical treatments in the event they cannot speak for themselves. We will help you let your health care providers and loved ones know what to do in the event you are incapacitated, regarding medical treatments, organ donations and final arrangements. If needed, we can help you set up a plan that will cover funeral and related expenses as "payable upon death".
4. Make a financial power of attorney and help you choose your "attorney in-fact".
Attorney in-fact is a person who handles your finances, when you're incapacitated to do so yourself. This person doesn't have to be an attorney, but somebody who you trust to make decisions in your best interest. We construct a durable power of attorney which gives the person of your choice the power to manage your personal finances in accordance with your wishes.
5. We make a plan to protect your children's property.
If your children are of the age of minority the property that you wish to leave to them must be managed and turned over to them once they reach the age of majority (most states 18 years of age). We help you appoint an individual that will safely manage and distribute these assets in accordance with your wishes.
6. File beneficiary forms.
A Totten trust ("Payable on Death" account) is a form of trust created where a party places money in a bank account or security with instructions that upon the his/her death, whatever is in that account will pass to a named beneficiary. We will help you to sort out your present accounts to ensure that no money is left unassigned and no beneficiary is left out, while helping you find as many ways as possible to avoid or shorten the probate process by legal means and the means of effective communication.
7. Help you consider life insurance and possibly a life insurance company.
If you have a family, own a house, or foresee a possibility of owing a significant debt or estate taxes after your death, life insurance may provide your loved ones with funds necessary to resolve those financial issues.
8. Devise Plan to protect your business.
If you are a sole owner of a business, you should have a succession plan. If you own a business with others, you should have a buyout agreement. We help you construct these final plans as well as liquidation plans.
9. Storage of your documents:
Your attorney-in-fact and/or your executor (the person you choose in your will to administer your property after you die) may need access to the following documents:
- insurance policies
- real estate deeds
- certificates for stocks, bonds, annuities
- information on bank accounts, mutual funds, and safe deposit boxes
- information on retirement plans, 401(k) accounts, or IRAs
- information on debts: credit cards, mortgages and loans, utilities, and unpaid taxes
- information on Totten trusts or funeral prepayment plans, and any final arrangements instructions you have made.