Question 1

What is it like working with an attorney on a will or trust?

Accepted Answer

Wood Law makes it easy. Most people start by calling the firm. During the call, we’ll ask you a few questions to understand what your needs are. Then we’ll give you a list of information you need to think about and gather to complete a plan. If you use e-mail, we’ll send you an e-mail with the necessary details.

Once you’ve collected the necessary details, we’ll suggest a plan. We can do this in person, over the phone, or via video call. Once a draft is ready, we can send you a copy to review or you can view it in person. When it’s done, you’ll come into the office to sign it in front of witnesses.

You’ll leave with a signed, official will as well as a copy. We’ll also keep a copy in our file at the office.

Question 2

How much does a will cost?

Accepted Answer

Many families have simple needs. A simple will costs about $300 and is two pages long. There are a few important components that are customized for each family. This ensures that not only are your final wishes achieved, but that delays and disputes can be avoided after you pass. Since we also manage probate matters, we have dealt with many problems that come from poorly drafted wills. Even our simplest wills are crafted to make managing your final affairs as easy as possible.

Question 3

How does a will help me?

Accepted Answer

When you pass, a will provides directions for your final affairs. It authorizes a person you designate to pay your bills, close your accounts, and to distribute your property according to your wishes. If you care for children, it will also authorize a guardian to care for them appropriately. This process is often called “probate”. A will gives legal authority to your final wishes.

Question 4

What is a living will? What is a power of attorney?

Accepted Answer

A living will is essentially a life support declaration. A health care power of attorney gives a person authority to make medical decisions for you while you are alive but unable to make decisions for yourself. A  financial power of attorney is a separate document for decisions related to your finances or property, during your lifetime. Powers of attorney end at your death.

Question 5

What is a trust?

Accepted Answer

A trust agreement is a a legal document which creates a legal entity known as a trust. The trust can own, manage, and distribute property. The Trust agreement determines how the trust is to be operated. The trustee is the person you have selected to carry out the trust agreement. A trust can be created during your lifetime, or after death through your will.

Question 6

How does a trust help me?

Accepted Answer

A trust can be used to sidestep the probate process by transferring ownership of your property into a legal entity while you’re still alive. You control the trust. The trust has the authority to use, distribute, or manage the property according to your wishes, and can serve many of the functions of a will. This is an extremely flexible tool that makes it easier for your loved ones to take care of your final affairs. Trusts can also be created by your will, for protection of young children, or other special circumstances. Trusts are also used for high net worth families to reduce taxes and manage assets.

Question 7

Do I need both a will and a trust?

Accepted Answer

There is no one answer for everyone. Not everyone needs or wants a trust. A will is often used as a 'catch all' even when a trust is used.

Question 8

How do I know if I need a will or a trust?

Accepted Answer

If you own property it makes sense to have a plan. Let us help you with the planning process. The decisions are for you to make.

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