What is a Family Protection Legal Plan? (Estate Plan)
Simply put, this is a legal plan that makes it possible for your family to continue on in the event of a serious tragedy such as the loss of one or both parents, or the temporary or permanent mental or physical incapacity of one or both parents.
This type of planning is often called “estate planning”, but that term is often misunderstood as just having a Will or a Trust that determines who will get your property when you die. Properly done, a full and complete estate plan will act more like a comprehensive legal plan to protect your family in many different scenarios, including:
- Avoiding court control and supervision over you and your family’s assets if you should find yourself unable to manage those things for yourself, even if it is only on a temporary basis.
- Determining for yourself who will have the legal authority to look after your children if you are no longer able to, and avoiding long and expensive guardianship contests.
- Allowing you to decide the terms and conditions for the ongoing use of your assets for your own care, or for delivery to your children or other beneficiaries.
- Transferring your life’s savings to your children while providing protection for them against creditors, disgruntled spouses, or other forms of attack.
- Keeping things private, out of court, and out of the public record.
- Knowing that there is a mechanism for your plan to be followed by those you have selected if tragedy strikes without warning.
At Lopez & Wilmert, LLP., our Estate Planning services go beyond the typical understanding of just having a Will or a Living trust done for you, which is then forgotten. Our comprehensive plans provide peace of mind because you know that you have been guided through the process, asked the right questions, and put the correct plan in place for you and your family. And because we have a complimentary ongoing review and maintenance program to make sure that your plan stays up to date and relevant to your life, you will never need to be in the position of having out-of-date, stale, or useless documents on your shelf when the critical time comes to use them.
We are happy to discuss your particular situation in an initial consultation at no cost to you. Our office can be reached via telephone at 619.589.1112.