Estate Planning

Understanding Estate Planning: 


An estate plan ensures your family and friends won’t have to guess your wishes. You retain control over how your assets are distributed after your death, potentially avoiding probate. This helps ensure your intentions are carried out by someone you trust, with your assets going to the people you’ve chosen.

Estate Planning Basics:

The Differences Between Wills and Trusts

WILLS

The administration of a will is monitored by the Court. When heirs do not trust each other, court supervision may be desirable because the Executor will need to prepare an Inventory of all assets owned solely by the decedent at death. At the end of the administration, the Executor will have to satisfy the Court &/or heirs that assets have been distributed pursuant to the terms of the Will.

Vs.

TRUSTS

With a trust, you put your assets in the name of the trust and then you or another person you choose manages those “trust assets”. At your death, the Trustee will administer the trust assets pursuant to the terms of the trust. The responsibilities of the Trustee and his obligation to the beneficiaries will be clearly identified. Unlike probate, the trust is generally private and not supervised by the Court.

Timmel Associates is here to help you protect the proper transfer of your assets to those you love.

Considerations for Your Estate Plan

  • Do your heirs get along, or are they influenced by others who may cause conflict?
  • Is maintaining privacy for your estate important to you?
  • Do your heirs need protection from creditors or other risks?
  • Are there specific circumstances where your heirs require additional safeguards?
  • Keep in mind, assets held in your individual name will require formal administration upon your passing.


Planning ahead can help ensure your wishes are fulfilled and your heirs are protected.

“Timmel Law is not only expert and diligent but also personable, down-to-earth, and genuine. They have been instrumental in helping our family through complex and challenging circumstances, specifically with our elderly parents regarding medical costs, estate planning and assisted living. Without hesitation, I recommend Timmel Law.”

Ron McKulick

We can help you protect your assets and loved ones.

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