Considering Estate Planning
for your family & loved ones
Estate Planning can help ensure your family's lasting legacy by protecting your assets and preserving your wealth. Start planning by utilizing our experienced advisors.
Estate Planning with DMD
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Discover Estate Planning options from DMD Private Bank and secure your legacy, regardless of your financial or family status.
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Get the knowledge you need to help you through the Estate Planning process, from drafting a last will and testament to setting up a trust, and generating powers of attorney and health care directives.
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Through Estate Planning, you can protect your beneficiaries from mismanagement of their inheritance, creditors or other financial challenges.
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Manage and organize your assets, investments and estate to ensure a smooth transfer of wealth to your beneficiaries in the event of your passing.
DMD Private Bank and Trust and its affiliates do not provide tax, legal or accounting advise. This material has been prepared solely for informational purposes only and is not intended to be relied upon for tax, legal or accounting advise. Please consult your own tax, legal and account professional before engaging in any transaction.
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Our team of dedicated advisors will work closely with you to create a personalized financial strategy and build a custom investment portfolio.
Frequently Asked Questions
What is Last Will and Testament?
A last will and testament, often simply referred to as a "will," is a legal document that outlines a person's wishes and instructions for the distribution of their assets and property after their death. It is one of the most fundamental components of estate planning. The main purposes of a last will and testament are: Asset Distribution: It specifies how the testator's (the person creating the will) property, possessions, and assets should be distributed among their beneficiaries after their death. Appointment of Executors: The will names an executor, who is responsible for managing the estate's administration and ensuring that the testator's wishes are carried out correctly. Guardianship of Minors: If the testator has minor children, the will can designate a guardian to take care of them in case both parents pass away. Funeral and Burial Wishes: Some wills include instructions about the testator's desired funeral arrangements and burial preferences. Charitable Donations: A will can include provisions for leaving a portion of the estate to charitable organizations or causes the testator supports.
What is a Power of Attorney?
A power of attorney (POA) is a legal document that grants one person, known as the "agent" or "attorney-in-fact," the authority to act on behalf of another person, referred to as the "principal." The principal delegates certain powers and responsibilities to the agent, allowing them to make decisions and take actions on the principal's behalf, particularly in situations where the principal may be unable to do so themselves due to illness, absence, or other reasons. The scope of powers granted in a power of attorney can vary widely depending on the specific terms and conditions outlined in the document. Some common powers that a principal might grant to an agent include: Financial Powers: This may involve managing bank accounts, paying bills, filing taxes, buying or selling property, and handling other financial transactions. Healthcare Powers: The agent may have the authority to make medical decisions for the principal, including choices about treatments, medications, and medical procedures. Legal Powers: The agent might be authorized to handle legal matters, sign contracts, or represent the principal in legal proceedings. General Powers: A general power of attorney grants broad powers to the agent to act on behalf of the principal in various matters. It's essential to carefully consider who you appoint as your agent, as they will have significant decision-making authority over your affairs. You should choose someone you trust explicitly and who understands your preferences and values. There are different types of power of attorney, such as: Durable Power of Attorney: This remains valid even if the principal becomes incapacitated or unable to make decisions. Non-Durable (Ordinary) Power of Attorney: This is valid only while the principal is mentally capable and typically becomes invalid upon their incapacity. Springing Power of Attorney: This type becomes effective only when a specific event or condition outlined in the document occurs, such as the principal's incapacity.
What is a Trust?
A trust is a legal entity created to hold and manage assets on behalf of one or more beneficiaries. It is established by a trustor (also known as a grantor or settlor) who transfers ownership of their assets into the trust. The trustor appoints a trustee, who is responsible for managing the assets according to the terms and conditions outlined in the trust document. The beneficiaries are the individuals or entities designated to receive the benefits or income generated by the trust's assets. Trusts are commonly used for various purposes, such as estate planning, asset protection, charitable giving, and managing assets for minor children or individuals who may not be able to manage the assets themselves due to age, disability, or other reasons. There are different types of trusts, including revocable trusts (can be altered or revoked by the trustor during their lifetime), irrevocable trusts (cannot be easily altered or revoked once established), living trusts (created while the trustor is alive), and testamentary trusts (established through a will and only take effect after the trustor's death). Trusts offer several advantages, such as privacy (as they avoid probate, which is the public process of settling an estate), potential tax benefits, and greater control over how assets are distributed and managed. However, setting up a trust can be complex, and it is advisable to consult with an attorney or financial advisor experienced in trust matters to ensure that the trust meets the specific needs and goals of the trustor and beneficiaries.
Who Needs Estate Planning?
YOU
