Law Office of Tony Tam

Q: What is an estate plan?

 A: An estate plan is the planning for handling your personal and financial affairs in the event you cannot do so yourself due to incapacity or death.  A typical estate plan consists of a Will, Durable Power of Attorney for Financial Affairs, Advanced Health Care Directive, and a Revocable Living Trust.  

Q: What is a Revocable Living Trust (RLT)?

A:  A RLT is an agreement that determines how a person's property will be managed both during their live and after their death.  A Settlor creates a trust and funds the trust by putting assets in the name of the trust.  The Settlor is often also the Trustee of the RLT.  The Trustee is responsible for managing the trust by the terms of the RLT  Typically, the Settlor will be the initial Trustee of the RLT.  Lastly, we have a Beneficiary of the trust.  The Beneficiary is the person that receives the benefit of the trust.  Typically the Settlor is the initial beneficiary of the trust.  The settlor's children will be the Beneficiary after the Settlor's death.  

Q: What is an Advanced Health Care Directive (AHCD)?

A:  Your AHCD allows you to give specific instructions regarding your health care in the event you are not ale to do so in the future.   It also allows you to name an agent to make medical decisions for you.  Your AHCD deals with matters involving prolonging death, post death considerations, organ donation, and other health care issues.

Q: What is a Durable Power of Attorney (DPOA) for Financial Matters?

 A: A DPOA allows you to name an agent to act for your in the event you able to act for yourself.  Your agent is bound to act as a fiduciary for you.  Your agent can pay your bills, manage your financial accounts, file income tax returns, apply for benefits, buy and sell property, and enter into contracts on your behalf.  

Q: What is a Will?

A: A WIll allows you to determine what happens with your property after you die.  IN your will, you will name an Executor to execute your the terms of your Will.  You may also name a Guardian if you have minor children.  

Q: Do you need a WIll if you have a Revocable Living Trust (RLT)?

A: Yes.  Even though you have a RLT, it is common for assets to fall outside the control of the RLT. The WILL used here is referred to as a Pour-over Will. It simply takes all of the assets outside the control of the trust to pour-over into it. 

Q: How long does an initial meeting take?

A: My initial meetings vary.  It depends on the complexity of the client.  I encourage all of my clients for ask questions during our meeting.  My clients leave a better understanding of their estate and the importance of preparing an Estate Plan.

Q: Why are you available only in the afternoons and evenings?

A: I work as a Police Officer during the day.  After finishing law school, I wanted to start my own practice in Estate planning.  I also love serving my community and could not quit that career.  But I also enjoy working with clients planning their estate plans as well.  By setting up my law practice in the afternoon and evenings, it actually benefits many of my clients.  It allows for them to take care of their estate plan without having to take time off of work to meet with their attorney.  My office hours are very flexible.