Simple Wills
Making a Will in New Hampshire
A Will can help you protect your family and property in New Hampshire. This is the most common and essential part of any estate plan. Without a Will, after death, your assets will go to your closest relatives under state “intestate succession laws.”
Powers of Attorney & Living Wills
Power of Attorney for Financial Affairs
Power of Attorney for Healthcare Decisions
Financial Powers of Attorney allows someone that you designate to help with your financial matters if you ever become incapacitated or otherwise unavailable to handle your financial affairs. A Durable Power of Attorney for Healthcare Decisions is a separate document that instructs those you designate the choices you would like with respect to your wishes regarding life sustaining treatment and medically administered nutrition and hydration, should you become near death and lack the capacity to make these critical healthcare decisions yourself.
Trusts in New Hampshire
A "living" trust (also called an "inter vivos" trust) is simply a trust you create while you're alive. The beneficiaries you name in your living trust receive the trust property when you die. The advantage of a trust is that there is no Probate process. Probate can take years to complete which can create unnecessary stress and expense on your beneficiaries.
Revocable Trusts
Many people create a revocable living trust as part of their estate plan. You can modify or revoke (cancel) this type of trust at any time. Typically, you'll name yourself as the "trustee" of your trust. This means that while you're alive, you retain control of the trust and its property. In your trust document, you'll also name a "successor trustee" to take over and manage the trust after you die; this person will distribute the property in the trust to your beneficiaries. (If you create a shared living trust, as is often done by married couples, then your successor trustee would assume control after both spouses have died.)
Irrevocable Trusts
In contrast, irrevocable trusts can't be revoked or modified after they're signed. Irrevocable trusts can be useful tools for specific goals, like reducing taxes, but they require giving up ownership and control of trust property.
Why is Estate Planning So Important?
Estate planning is about protecting your loved ones. An estate plan helps your family avoid disputes about what your intentions were. Not only does it deal with the distribution of assets and legacy wishes in the manner that you direct, but it may help you and your heirs pay substantially less in taxes, fees and court costs.
Call Davis | Hunt Law at (603) 671-5911 to begin developing your Estate Plan today.
