Everybody's circumstances are different. That is why Attorney Dean E. Patrick, works with his clients one on one to explore, discover, and assure their goals are attained.

Below are a few stories to help you recognize your goals as regards the estate planning and probate process.

Privacy, Stress, Cost, & Control

Harry husband and Wendy wife, have been happily married for some time. With a modest estate and two children they decided to create a will to maintain control. Many years later, Wendy passed away. Weakened by the grief from the loss of his wife, Harry passed away within the month.

As a part of the probate process, their wills were submitted to the probate court and oldest child, Ronald, was appointed personal representative (executor) of the probate estate. Already stressed by the loss of his parents, now Ronald needs to navigate the probate system.

Although he has the power to represent the estate in the probate court, he decides to hire an attorney to assist him. The cost, a percentage of the estate agreeable to all parties. The probate court proceedings wound down nearly nearly six months later. Richard was relieved to be done probate and attorneys.

Some weeks later, Ronald and his little brother Larry, started receiving unsolicited phone calls and mail regarding financial services. Irritated and still upset by the loss of his parents, Larry demanded to know how the telemarketer got his phone number. As it turned out, a marketing agency had farmed the public probate files. It was all in there, the value of the estate, the beneficiaries, and their contact information. A slam dunk in the marketing world.

The loss of privacy, the stress of the probate court, and the costs associated with probate could have been avoided if Harry and Wendy had a trust established instead of a will.

Government Benefits For Incapacitated Loved Ones

Harry husband and Wendy wife, have a disabled child, Larry, receiving government benefits. Unaware of the interaction between inheritance and government benefits, Harry and Wendy created a simple will distributing their assets equally among their two children, Ronald and Larry. Many years later, Wendy passed away. Weakened by the grief from the loss of his wife, Harry passed away within the month.

After being subject to the probate process, Larry, now without his parents to care from him, received a letter. HIs government benefits had been forfeit as a result of his inheritance.

While there was some money for Larry's care in the estate, this situation could likely have been avoided with a supplemental (special) needs trust established for Larry's benefit.

Fiscally Irresponsible Beneficiaries

Harry husband and Wendy wife, have been happily married for only a short time. With a modest estate and twin 18 year old boys they decided to create a will to maintain control. Wendy and Harry suddenly passed away in a car accident.

After being subject to the probate process, the balance of the estate transferred to the twins. With very different attitudes toward money, the twins now had to manage a sum of money beyond anything they had seen before.

Ricky Responsible, used his inheritance to pay for tuition, room and board for his college pursuits. To assist in getting around, Ricky purchased a practical used car. Confident in his financial savvy and a stock market hobbyist, Ricky invested the balance of the inheritance in the market. Although Ricky had set aside some money as a reserve, he was not prepared for 2008 stock market. While many lost up to 40% of their portfolios during the crash, Ricky lost nearly 72% because of his stock picks. After quickly using up his reserves and what was left of the money he took out of the stock market, Ricky had to take on a full time job to finish school.

Spencer Spendthrift took another path with his inheritance. First things first, Spencer purchased the sports car he always wanted. Did he consider maintenance and insurance costs? Probably not. Next, a nice apartment for him, and his friends, to live at. Not interested, and lacking the push to do otherwise, Spencer decided he did not need to go to school because of the inheritance. Before his brother Ricky graduated from college, Spencer had blown his entire inheritance.

This situation could have been avoided if Harry and Wendy had created a trust. Whether inside the will as a testamentary trust or independent of the probate court in a revocable trust Harry and Wendy could nominated someone to manage the finances for their children assuring that their health, education, maintenance, and support were taken care of while avoiding the downfalls described above.

Funding the Trust

Harry husband and Wendy wife, have been happily married for some time. With a modest estate and two children they decided to create a trust to maintain control and avoid probate. Many years later, Wendy passed away. Weakened by the grief from the loss of his wife, Harry passed away within the month.

Aware of the capability of the trust to avoid probate, oldest son Ronald expected he and his brother would avoid it. Unfortunately, Harry and Wendy had a trust established, but the attorney did not tell them they needed to re title their assets into it. All assets in the names of the deceased were subjected to the probate court.

Attorney Patrick will make sure your trust is not only created, but functional.