Estate Planning

What is “Estate Planning”?

As the name implies, “Estate Planning” means making a plan in advance and naming whom you want to handle matters and receive your estate after you pass away. Having a proper estate plan is important to protect yourself and your loved ones, and can provide “peace of mind” knowing that your affairs are in order.

Estate planning is not just for older people, although people do tend to think about it increasingly as they age.  And estate planning is not just for wealthy people either. Estate planning can be more important to those with modest assets, because they can afford to lose the least.

Many people delay their estate planning. They mistakenly believe they don’t have enough assets, or they’re not old enough. Others procrastinate because they are too busy, or they just don’t want to think about their own death or disability.

We focus on the process of counseling clients and prepare a variety of estate planning documents designed for each client’s unique concerns. Solid estate planning can also help to avoid disputes caused by disinheriting a child or other family member, the unequal treatment of beneficiaries, intestacy, or verbal promises made during lifetime.

Many estate plans include the following:

Last Will and Testament

This legal document expresses your last wishes. It is important to include in a Will your beneficiaries who will receive your property, but also name the individuals to act on your behalf, your “Personal Representative”. If you establish a trust for children or other beneficiaries in your Will, you would also name a “Trustee”. And if you have minor children, you should name a “Guardian” to provide care for them.

Revocable Living Trust

A Revocable Living Trust is a written legal document into which your assets are placed for your benefit during your lifetime and then transferred to designated beneficiaries at your death. A benefit of a living trust is that it avoids probate which can mean a faster distribution of assets to your heirs. Another difference between a Will and Revocable Living Trust is the level of privacy offered with a trust. Unlike a Will a living trust is not made public upon your death. 

Durable General Power of Attorney document

This document will give the people you designate, your agent, the ability to deal with banks and other property if you are incapacitated.

Durable Power of Attorney for Health care

This document allows the people you choose to make health care decisions for you in the event that you cannot participate in your own health care decisions.

Advance Directive

The "living will" or advance directive states your wishes in regard to life support and other extraordinary medical measures in the event of a life threatening condition. 

Having a comprehensive estate plan can provide you and your family with the “peace of mind” of knowing that your affairs are in order. And it can be an extremely thoughtful and considerate act for your loved ones.