What is estate planning?
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. Proper Estate Planning is more than just a simple Will. Estate Planning also typically minimizes potential taxes and fees and sets up a contingency plan to make sure your wishes regarding health care treatment are followed. On the financial side, a good Estate Plan coordinates what would happen to your home, investments, business, life insurance, employee benefits, such as a 401(k) plan, and any other property in the event you became disabled or died. 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 selected by you could make those decisions and would know when you would want them to authorize heroic measures on your behalf or when you would
Most people are familiar with wills. Many of them have read about trusts as an alternative means of distributing assets after death. They may also have an elementary understanding of estate taxes and how to minimize them. Yet, “estate planning” entails more than providing for the disposition of your assets upon your death and more than minimizing the amount of tax levied upon your estate. Comprehensive estate planning will, of course, provide for that. In addition, estate planning will provide for the administration and protection of assets during a lifetime and for decision making in the event of a disabling illness. In other words, estate planning today goes beyond its traditional role of planning for the security of your dependents and making distributions to them. Today’s estate plans could more accurately be called “lifetime plans” because they often focus on your needs throughout your lifetime.
Estate planning involves the transferring and administration of property, home(s), investments, business(es), assets, etc. when the owner dies. To minimize estate taxes, time delays and costs usually associated with a Court Probate of an estate, an estate plan usually includes the drawing up of a will and setting up trusts or other legally recognized entities to hold and distribute a deceased person’s property.
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 elici
Estate planning is a process of organizing the principals’ affairs and assets, to best protect of the present and future security of the principals’ which would allow the accumulated wealth to be utilized in accordance with the principals’ wishes, with the maximum benefits and least amount of loss. Proper estate planning takes into account the financial, business, medical and charitable consideration of the principals and makes allowances in case of incapacity or long term illness of the principals or beneficiaries involved.
