Areas of Practice
- Estate Planning
- Living Wills
- Powers of Attorney and Appointment
- Probate & Estate Administration
- Real Estate Law
- Business Formation: incorporation, partnerships, Limited Liability Companies (LLCs), etc.
- Municipal and Administrative Law
- Employment Law
- Business Formation and General Counsel
Frequently Asked Questions
We have answered a few common questions. Don’t see your question here? Please contact us.
What is an Estate Plan?
Estate planning is much more than having a will. A well drafted estate plan will assist in avoiding the chaos and waste of an unplanned estate, provide a sense of security to the individual, and peace-of-mind to surviving loved ones.
What is a trust?
A trust is also a form of property ownership. The individual establishing a trust is the “grantor” or “settlor.” The trustee is the “legal” owner of the trust property and their name is any title documents. The beneficiary receives benefits of ownership, including the right to income from the investments of the trusts. A “living” or “inter vivos” trust is one that is established and funded while the grantor is still living. The grantor typically names his or her self as trustee and beneficiary. “Testamentary” trusts trust are established under the terms of a will, after the death of the grantor.
The advantages of avoiding probate via a trust are more timely distribution to heirs and the reduction of the expenses typically incurred in probate (costs incurred by the estate, and reducing the amount of assets ultimately payable to the intended beneficiaries).
What is a will?
An “Executor” is a person named in your will to be in charge of your estate. The job of the executor is to determine what you own at the time of your death, document all property, collect all property, maintain your property until sold or passed to your legatees, pay your bills, file your final tax returns, and finish up any other financial business required of your “estate” after your death. Once all estate matters are completed, the remaining property will be distributed to the legatees in your will.
A well planned will allows you to distribute your property according to you intentions, to dictate who will be trusted to raise you minor children, and to instruct any additional intentions (method of burial, care of pets, etc.)
Do I need a will?
Do I need a new or updated will?
Get in Touch
Miller & Bost provide counsel in a number of legal fields, to include Estate Planning, Real Estate Transactions, Business Formation, Municipal Law and Employment Law. Please let us know how we can help.