What is estate planning?
Estate planning means different things to different people. Some people think estate planning is just planning what you want to see happen to your stuff. Estate planning is the process of considering alternatives for, thinking through, and setting up legal arrangements to address your specific wishes if something happens to you or those you care about. Good estate planning is more than just a Will. Good estate planning minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed, and provides instructions to take care of you and your family upon disability. It provides instructions for your children until they reach the point in life where they no longer depend on your for care and instructions. I think defining estate planning is important. A good definition provides a good way to measure if your estate plan is good or not. Definition of Estate Planning The following is a definition I have used for several y
Estate planning is a process to set up legally effective arrangements that would meet your specific wishes if something happens to you or those you care about. Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed.
Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that would meet your specific wishes if something happens to you or those you care about. Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed. On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die. On the personal side, a good estate plan includes directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you select would do that for you, and know when you would want them to authorize heroic measures and when you would pre
