FAQs
Parker R. Smith Attorney at Law, PC
What is estate planning and why is it important?
Estate planning is the process of creating legal documents to manage your assets and healthcare decisions if you become incapacitated or pass away. It's important because it ensures your wishes are followed and helps your loved ones avoid the lengthy probate process.
What documents are included in a typical estate plan?
A typical estate plan generally includes several key documents: a will, one or more trusts, powers of attorney, and advanced healthcare directives.
How does a trust differ from a will?
The main difference between a trust and a will is that a trust allows for asset management and distribution without court involvement, whereas a will requires the probate process to be executed.
What is a power of attorney?
A power of attorney is a legal document that gives a person the authority to make financial or healthcare decisions on your behalf if you're unable to do so.
What is an advance directive?
An advance directive is a document that focuses on your preferences for medical treatment in situations where you're not able to communicate these wishes yourself.
What is probate?
Probate is the legal process through which a deceased person's estate is settled. This includes distributing their assets and paying off any outstanding debts.
How long does probate take?
The duration of probate can vary significantly depending on the complexity of the estate. It typically ranges from several months to over a year in more complicated cases.
What is trust administration?
Trust administration involves the process of managing and distributing assets held within a trust according to the terms specified in the trust document.
Who needs a guardianship?
Guardianship may be necessary for minors or adults who are unable to manage their personal affairs due to incapacity or other limiting factors.
What does a beneficiary representative do?
A beneficiary representative acts on behalf of beneficiaries during estate or trust administration, making sure their rights and interests are protected during the process.
What is estate administration?
Estate A dministration involves managing all aspects of settling an estate, including asset inventory, debt payment, and distribution.
What legal services do you offer for small businesses?
Our law firm provides general counsel, contract review, LLC setup, succession planning, and compliance support.
How do I set up an LLC?
Our law firm assists with choosing a structure, drafting agreements, filing documents, and obtaining necessary licenses.
What is business succession planning?
Business Succession Planning involves preparing for the transfer of business ownership in case of retirement, death, or sale.
Do I need ongoing legal counsel for my small business?
Yes, ongoing counsel manages risks, ensure compliance, and helps with growth.