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What is Estate Planning?
Estate planning is the process of planning for the orderly transfer of decision making authority, guardianship authority and assets in the event of death, incapacity or disappearance. Without a plan, the courts and statutes make these decisions for you.
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Wills - A legal document where an individual expresses how their property shall be distributed at death along with other instructions. A will or trust is necessary to ensure assets are distributed according to the individuals wishes and not according to state statute. A will does not go into effect until death and should not be confused with a living will. Trusts - A trust is a private agreement where one person, "the trustee," holds property for the benefit of another, "the beneficiary." Trusts are an incredibly flexible tool that can be used to avoid probate, estate taxes, and protect assets for many generations into the future. Designations of Health Care Surrogate - A document designating an individual to make healthcare decisions for another if they are permanently or temporarily unable. Used together with a Durable Power of Attorney, this document can be used to avoid guardianship. Durable Power of Attorneys - A document designating an individual to manage the assets for another if they are permanently or temporarily unable. Used together with a Designation of Health Care Surrogate, this document can be used to avoid guardianship. |
Designation of Pre-need Guardian - This document allows either parents or individuals to identify who they would wish to be guardians for their children or themselves should one become necessary. For parents, this is a stronger declaration than just stating their preference in a will. Living Wills - This document expresses an individual's desire should they have a terminal condition with no reasonable medical probability of recovery, as to which treatments are to be given or withheld. Separate Writings - A separate writing is a document that can be used in conjunction with a will to make tangible gifts at death. This document allows an individual to easily make changes regarding specific gifts without the need to amend their will. It is limited to tangible gifts such as rings, art, furniture, etc. Intangible gifts such as cash or stocks can not be made with a separate writing. |
