What is an estate plan and how do I create one?
Mr. Roskoph: An estate plan is designed to coordinate ownership of assets, beneficiary designations, and ultimate recipients through a will or living trust. Gathering your data for your estate planning attorney and discussing your objectives with that person will initiate the process. The actual plan developed will result from the questions posed by the planner and your responses. The combination of these factors will lead to a satisfactory plan for tax and disposition purposes. Ms. Dodd: The first step to creating an estate plan is to find a competent estate-planning attorney. He or she will be able to guide you through the process, which typically starts with an analysis of your estate planning goals and your current assets. Once you have determined your goals, your attorney will draft the legal documents that will implement your estate plan. These may include a will, living trust, durable power of attorney for asset management and durable power of attorney for health care.
