Estate planning is the creation of a blueprint for the management of your assets and, under certain circumstances, yourself. This blueprint will guide your asset management decisions while you’re living to well after you’ve passed away.
One of the wonderful aspects of your estate plan is that it allows you to accomplish your personal and family goals through detailed, flexible instructions that guide your Trustee through complicated financial and legal waters, all while minimizing fees and taxes. A properly drafted estate plan enables you to direct and manage the assets you’ve acquired over a lifetime of hard work.
An estate plan refers to the means by which your personal wellbeing is looked to and how your estate is passed on to your loved ones after your death. Estate planning can be accomplished through a variety of methods, including:
- Revocable Living Trusts
- Last Will and Testament / Probate
- Financial Durable Power of Attorney
- Advance Health Care Directive/Living Will
- Beneficiary Designations
- Life Estates
Death and serious illness can leave a family disoriented and confused. Problems often arise between family members during these difficult times while emotions run high. The proper designation of beneficiaries or the existence of a living will stating ones medical wishes can aid your family through an already trying time.
A well-crafted estate plan guiding your family will help ensure that your property and assets pass to whom you want, when you want. An estate plan can also allow your family to avoid the very costly and public nature of Probate Court.
But, like all decisions in your life, you must be aware of the many options you have to build the right estate plan for your family. What works for one individual or couple may not fit your individual circumstances. That’s where I can help.