Estate Planning

A will and testament outline an individual’s wishes for the distribution of their assets and property after their death. This document can name an executor who will be responsible for carrying out these wishes and can also appoint guardians for minor children. A will and testament can be used to make specific bequests of property or assets to particular individuals or organizations.

By working with a Price & Price estate planning attorney, you can ensure that your will and testament will be an important part of your comprehensive estate plan. It is the legal document that allows individuals to have control over what happens to their assets after their death. Without a will, the state’s default rules will govern the distribution of assets, which may not align with an individual’s wishes.

A Power of Attorney is a legal document that gives someone else the power to act on your behalf in financial and legal matters. This person, known as an agent or attorney-in-fact, can make decisions and take actions such as signing documents, managing bank accounts, or selling property. A Power of Attorney can be general or limited to specific areas and can be effective immediately or only upon certain conditions, such as incapacity.

A Healthcare Declaration, also known as a Living Will or Advance Directive, is a legal document that allows an individual to make decisions about their medical treatment and end-of-life care in advance, in case they are unable to make these decisions themselves due to incapacity. The document outlines an individual’s preferences for medical treatment, including life-sustaining measures such as artificial respiration or tube feeding.

These documents are important parts of a comprehensive estate plan, as they ensure that an individual’s wishes are respected and carried out in the event of incapacity or end-of-life care.

Estate administration and probate are legal processes that occur after someone dies and their assets need to be distributed to heirs and beneficiaries.

Estate administration involves managing and distributing an individual’s assets after they pass away. The process typically involves identifying and valuing assets, paying debts and taxes, and distributing assets to beneficiaries in accordance with the decedent’s wishes. Estate administration can be a complex process, and it often requires the assistance of an attorney or other legal professional.

Probate is a court-supervised process that validates a deceased person’s will and oversees the administration of their estate. Probate involves appointing an executor to manage the estate, paying outstanding debts and taxes, and distributing assets to beneficiaries. Probate can be a time-consuming and costly process, as court fees and legal expenses can be significant.

In some cases, estate planning strategies such as trusts or joint ownership can help assets pass to beneficiaries without going through probate. It’s important to work with an experienced estate planning attorney from Price & Price to ensure that your assets are distributed in accordance with your wishes and in the most efficient way possible.

Buy-sell agreements are legal agreements between business partners or co-owners that govern the sale or transfer of ownership interests in the event of certain triggering events, such as the death, disability, retirement, or termination of one of the owners.

These agreements can help ensure a smooth transfer of ownership and provide a mechanism for valuing the business and determining the price of the ownership interest. These agreements can also help prevent disputes between owners or their heirs and provide a plan for the continued operation of the business.