What Is Estate Planning and Why Is It Useful?

Estate planning is often perceived as difficult and emotional, or necessary only for elderly or very wealthy clients, but the truth is, it’s an important process for anyone who wants to safeguard their own well being, their assets, and their family. At Cook Tillman Law Group, we understand that estate planning is both deeply personal and nuanced. It combines sensitive personal considerations, like marriages, divorces, partnerships and persons with special needs, with complex tax and property laws.  Our objective is to assess each factor, foresee challenges, and offer solutions and advantages. That’s why we begin each estate planning consultation by getting to know our client(s), who and what matters to them most, and what they hope to accomplish with their estate plan. Then, we recommend documents to form the core of their estate plan, use plain language to explain how their documents will accomplish their wishes, and quote them a flat fee for production of documents.  From start to finish, our clients complete their estate plan within 4-6 weeks and tell us they are relieved to no longer be putting off estate planning.

Who We Serve

At Cook Tillman Law Group, we believe all adults can benefit from an appropriate estate plan and that those plans will have a positive impact for you and your loved ones. Whether you’re just reaching adulthood, starting a family, remarrying, growing a business, retiring, moving, caring for a loved one, or imminently planning for the end of life, we are here to help. Estate planning prepares you and those you care about most for what is to come.  

How Estate Planning Can Benefit You

A core estate plan has five critical components. They are: (1) appointments of trusted persons; (2) wishes for medical care; (3) wishes for distribution of your assets; (4) ease of administration; and (5) taxes. Thoroughly addressing each component is crucial for anyone who wants to protect their financial future, ensure they and their loved ones are properly cared for, and avoid costly, time-consuming court interventions, litigation and unnecessary taxes. These components are addressed in four documents, which form the core of a complete estate plan.

Durable Power of Attorney. A Durable Power of Attorney appoints people you trust to manage your financial affairs if you become incapacitated or are absent. The person you appoint is your attorney-in-fact and they are obligated to act in your best interest.  While you are capable of managing your financial affairs, your attorney-in-fact acts only at your direction.  If you can no longer manage your financial affairs, your attorney-in-fact continues to manage them for you without requesting oversight by a court.  By contrast, if you become incapacitated and haven’t appointed an attorney-in-fact, your spouse, family, or friends may need to petition a court for conservatorship over your property, which is a costly, uncertain, and even draconian process.  Save all that with a Durable Power of Attorney.  

Healthcare Power of Attorney. A Healthcare Power of Attorney appoints people you trust (“healthcare attorney-in-fact”) to make medical decisions for you if you cannot give informed consent. In this document, you also indicate whether you grant power to your healthcare attorney-in-fact to withhold or withdraw artificial life prolonging care if your condition is hopelessly terminal. Prepare and safeguard your Healthcare Power of Attorney so that you have an advocate who is intentional about your wishes.

Living Will. A Living Will indicates to your healthcare providers whether you authorize them to withhold or withdraw artificial life prolonging care if your condition is hopelessly terminal and your healthcare attorney-in-fact agrees. Additionally, in this document you can indicate your wishes for organ donation: desire to donate any and all organs; desire to donate only specified organs; or do not desire to donate any organs. A Living Will ensures that your medical providers are informed of your wishes.

Last Will and Testament. A Last Will and Testament (“Will”) appoints people you trust (the “Executor/Executrix”) to administer your estate and distribute your assets upon your death in the manner you indicate, which can range from simple to complex.  In this process, we help guide you so that your plans are clear and effective. Additionally, if you have minor children, in your Will you should nominate people you trust as the guardian of the person and property of your minor children.  If guardians are later appointed for your minor children, courts give the greatest weight to the persons you recommend to serve as their guardian.  Preparing a Will is tidying your affairs, not necessarily controlling from your grave. 

Why Consult With Us Today? A good plan today is better than a perfect plan tomorrow, especially if tomorrow doesn’t come. With our experience, our clients are able to successfully craft estate plans that endure and meet their current and foreseeable needs. When your loved ones can’t ask you what you want or what to do anymore, they will be comforted that you already took care of it.  

At Cook Tillman Law Group, we specialize in crafting estate plans tailored to fit your needs and wishes. Our experienced attorneys will guide you through the whole process, help you visualize the proposed plans, and prepare quality documents that subside worry and benefit generations to come. Message me, visit our website, or call us today (615-370-2444) to connect or schedule a consultation.