What is estate planning?
Estate planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored, and that loved ones are provided for in their absence. Though often overlooked or put off in favor of more immediate concerns, a comprehensive estate plan can resolve a number of legal questions that arise whenever anyone dies: What is the state of their financial affairs? What real and personal property do they own? Who gets what? Does a personal guardian need to be appointed to care for minor children? How much tax will need to be paid in order to transfer property ownership? What funeral arrangements are appropriate? What is an “Estate”? Your “estate” consists of all property owned by you at the time of your death, including: • Real estate • Bank accounts • Stocks and other securities, • Life insurance policies, • Personal property such as automobiles, jewelry, and artwork. How Can an Estate Plan Help? Regardless of your age, or the size a
What is estate planning? In simple terms it involves both planning for mental disability and planning for death. Planning for Disability If you become mentally disabled, you’ll need to have a two part plan in place one that will take care of your personal decisions and one that will take care of your financial decisions. Otherwise, you and your assets will end up in a court-supervised guardianship or conservatorship. The legal document that’s necessary to delegate your personal decisions is called an Advance Medical Directive, also called a Medical Power of Attorney or Designation of Health Care Surrogate in some states. It will allow you to give to the person of your choice the right to take care of your personal needs and make your medical decisions if you’re temporarily or permanently unable to do so. The legal document that’s necessary to delegate your financial decisions is called a Financial Power of Attorney. It will allow you to choose someone to manage your assets on your beha
Estate planning is the process of setting up legally effective arrangements that will meet your specific wishes if something happens to you or those you care about. 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 the process by which you decide how you want your legal and financial decisions to be handled today, tomorrow and in the future. This involves arranging your affairs to maximize the benefit you receive from your hard-earned assets during your life and for those who you choose to benefit after your death.
