Estate Planning

Do I Need An Estate Plan

Yes! Here is what will happen if you do not have an estate plan:

  • Your assets and personal belongings will be distributed without regard to your personal wishes
  • A judge will decide who will administer your estate (who will be your "Personal Representative"), not you
  • A judge will decide who will care for your children, not you. The judge may even choose a stranger
  • If you are married and have children, your spouse will not inherit all of your estate
  • You will not be able to give assets to charity
  • You will not be able to take advantage of opportunities to minimize death, estate, and other taxes
  • You will not be able to ensure that your pets are taken care of.

Sadly, most people pass away without even a simple will, and they have all of these problems and more. An estate plan at a minimum will address all of these issues, but most importantly, it will put YOU in control of your assets and enable YOU to make decisions that will be best for your loved ones.

What Is Included In An Estate Plan?

Taking care of things after you die is only one piece of the puzzle. A solid estate plan will take care of you and your loved ones before you die, too. It should be customized to fit your unique situation, and may include many of the following documents or techniques:

  • Wills - A will is one of the most basic and important estate planning documents. It deals with all of the issues above and also controls how certain assets in your estate are handled. Please refer to the Will portion of this site for more details.
  • Trusts - We will help you decide if a trust is appropriate for you. A trust is a highly customizable estate planning document that can be used for a wide variety of objectives during your life and after your death. Some of these include:
    • Management of your assets if you are disabled
    • Reducing estate taxes
    • Avoiding the probate process
    • Minimizing Court involvement in your affairs
    • Speeding up administration of your estate
    • Providing for minors or other persons unable to manage their own affairs
    • Keeping administration of your estate private
    Please refer to the Trust portion of this site for more details.
  • Powers Of Attorney - This document is only valid while you are alive and enable you to appoint someone else to manage your affairs. It is useful if you are incapacitated due to illness or injury or if you simply need some help as you get older. If you do not have one, you may need a guardianship that can cost thousands of dollars. Everyone, young or old, should have one! See the Planning for Incapacity portion of this site for more information.
  • Advance Directives (Medical) - This document serves many purposes. One part, also called a "living will" contains your instructions on what measures you want taken if you are extremely ill. In addition to directions concerning life support for an extended period, you can include instructions on many other medical and ethical issues. It ensures that your care is based on your moral and religious beliefs, not someone else's. The second part is known as a "health care power of attorney" and is similar to the power of attorney described above. This lets you appoint someone else to make health care decisions on your behalf and view your confidential medical records if you are unable to do so yourself. You may sign either or both portions of the Advance Directive. See the Planning for Incapacity portion of this site for more information.