Who Needs a Will or Trust?

If you own assets of any kind - a home, investments, life insurance, or other possessions - then you have an "estate" and need an estate plan.  Your estate plan designates who will inherit your property and ensures that your children, family and loved ones will be taken care of in accordance with your wishes.

If you have minor children or are planning to have children, an estate plan is essential. Having a quality estate plan is one of the best things you can do for the ones you love.

What's the Difference Between a Will and a Trust?

During your initial estate planning consultation, attorney Orly Reznik will explain the differences.  She will ask you questions about your estate planning goals, your asset composition, and your unique planning needs.  Your answers will point you towards the right the choice.  

This grid provides a brief overview of the documents that are contained within each estate planning package.

Last Will & Testament

A will provides instructions on your wishes about who will care for your children, who is in charge of implementing your wishes (your executor) and how your property will be distributed. Your will and all other documents filed with the probate court will be public record. 

Will Package

Trust Package

Trust package does not include a standard last will and testament.

 Testamentary Trust

A trust is an agreement that provides for the management of property and creates a three way relationship.  One person (the grantor) creates the trust and appoints another person (the trustee) to hold the property and manage it on behalf of a third party, the beneficiary. 

Will Package

Will package includes a Testamentary Minor's Trust. A testamentary trust is contained in a will and outlines who assets will be managed for minor children, up to a maximum age.  This type of trust is designed to end a specified age and is not appropriate for managing assets for a beneficiary's lifetime.

Trust Package

Trust package does not include a testamentary trust.

Revocable Living Trust

A trust is an agreement that provides for the management of property and creates a three way relationship.  One person (the grantor) creates the trust and appoints another person (the trustee) to hold the property and manage it on behalf of a third party, the beneficiary. 

Will Package

Will package does not include a revocable living trust, but does include a testamentary trust.

Trust Package

Trust package includes a Revocable Living Trust. A Revocable Living Trust accomplishes everything that a will does, but with the advantage of avoiding probate. "Revocable" means that you retain control over your finances, possession, and wishes during your lifetime. 

Pour-Over Will

A Pour-Over Will is used in conjunction with a revocable trust. It acts as a safety net to ensure that any property not transferred into your trust during your lifetime "pours into" it upon your death

Will Package

Will package does not include a pour over will. 

Trust Package

Financial Power of Attorney

A Financial Power of Attorney gives the person you designate the power to handle your financial decisions, such as paying your bills or filing your taxes.

Trust Package

Will Package

Medical Power of Attorney

A Medical Power of Attorney gives the person you designate the legal authority to made medical decisions on your behalf if you are unable to do so. 

Will Package

Trust Package

HIPAA Release

A HIPAA Release gives your physician permission to discuss your personal medical information with the person you have granted your medical power of attorney, as well as any other whom you choose to designate. 

Will Package

Trust Package

Advanced Directive

Also known as a Living Will, this document lets you outline your desire to received artificial nutrition, artificial hydration and other life saving measures in three very specific medical situations. 

Will Package

Trust Package

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Contact

(919) 228-9733

Address

1051 Pemberton Hill Road, Suite 102, Apex, NC 27502

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