Estate Planning FAQs
Estate planning isn’t just about documents; it’s about peace of mind. We know how many questions come up when you start thinking about wills, trusts, or planning for your family’s future. We’ve put together these FAQs to help you understand what’s involved and where to start.
Estate planning is the process of organizing your personal and financial affairs to ensure your wishes are honored if you become incapacitated or pass away. It helps protect your assets, minimize taxes, avoid probate, and provide clear instructions for your loved ones.
Yes. Estate planning isn’t just for the wealthy. Everyone can benefit from having a plan in place—especially to designate guardians for minor children, manage healthcare decisions, and ensure assets are distributed according to your wishes.
A comprehensive estate plan may include:
- Last Will and Testament
- Revocable or Irrevocable Trusts
- Financial Power of Attorney
- Medical Power of Attorney
- Advance Healthcare Directive (Living Will)
- Beneficiary Designations
A will outlines how your assets should be distributed after death and may require probate. A trust allows assets to be managed and distributed privately, often avoiding probate and offering more control over timing and conditions of inheritance.
Probate is the legal process of validating a will and distributing assets. It can be time-consuming and public. Creating a trust and properly titling assets can help avoid probate and streamline the transfer of property.
If you die intestate (without a will or trust), state laws will determine how your assets are distributed. This may not reflect your wishes and can lead to family disputes or unintended outcomes.
You should review your estate plan every 3–5 years or after major life events such as marriage, divorce, birth of a child, death of a beneficiary, or significant changes in assets or laws.
A power of attorney allows someone you trust to make financial or medical decisions on your behalf if you become incapacitated. Without it, your loved ones may need to go to court to gain authority to act on your behalf.
Yes. Tools like healthcare directives, conservatorships, and Medicaid planning can ensure you receive appropriate care and protect your assets if you become disabled or require long-term care.
Our experienced attorneys tailor estate plans to your unique needs—whether you're starting fresh or updating an existing plan. We offer guidance on asset protection, trusts, healthcare directives, and more, ensuring peace of mind for you and your family.
Yes. Trusts aren’t just for the wealthy—they’re useful for anyone who wants to avoid probate, maintain privacy, or control how and when assets are distributed. Even modest estates can benefit from the flexibility and protection a trust provides.
Absolutely. High net worth individuals are often targets for lawsuits and creditor claims. Asset protection strategies can help shield wealth from potential risks while ensuring it is preserved for future generations.
Asset protection involves legal strategies to safeguard your wealth from creditors, lawsuits, and other financial threats. This may include the use of trusts, business entities, insurance, and proper titling of assets. It’s a proactive part of estate planning that helps ensure your legacy remains intact.
Yes. Davis Miles ranks among the Best Law Firms in America, recognized for excellence in estate planning and other legal services.