What is estate planning?
Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of a variety of professionals, including your lawyer, accountant, financial planner, life insurance advisor, banker and broker. The objective is to develop a plan for the passage of assets during life and at death (an Estate Plan). The Estate Plan is a written expression, through a variety of legal documents, as to the transfer of property during life and at death, and often involves tax planning. The core legal document most often associated with this process is your Last Will & Testament (your will). A Durable Power of Attorney and a Living Will are legal documents that are generally part of most estate plans as well. These documents, and others, are described in greater detail under separate FAQs. Download our Estate Planning Questionnaire The form is designed to elicit in
Estate planning is the creation of a definite plan for managing your wealth while you are alive, and distributing your assets after your death. An “estate” means all assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property, and personal effects. These assets may be owned separately or jointly with others. Below are some examples of how married couples often hold title to property: • Separate Property: The entire interest is owned by only one of the spouses. The property was generally acquired prior to marriage, or was a gift or inheritance to one spouse alone during the marriage. • Joint Tenancy: The interest in the property is owned by both spouses. The surviving spouse acquires the entire interest upon the death of the other joint tenant spouse.
Estate Planning is a lifelong process involving the accumulation, management, conservation, and disposition of your assets (estate) with the goal of providing you and your family with the maximum benefit during your lifetime and after your death. It may include planning to save or reduce taxes, avoid probate or reduce its cost, provide for incapacity, or protect your assets from creditors.
Estate planning is a process. The process generally has two parts. One part involves planning for the management and disposition of your property both during your lifetime and after your death. The second part is planning for your own personal and health care in the event that you are no longer able to provide for such care. Like many people, you may think that estate planning only requires the preparation of a will. But estate planning encompasses much more. As you will see, estate planning may involve financial, tax, medical and business planning, as well as the preparation of a will. The purpose of this pamphlet is to summarize the estate planning process and what the process means to you.
