Estate Planning is the process that helps you manage and preserve your assets while you are alive, makes it possible to transfer assets to your beneficiaries, and gives you the opportunity to smooth the way when you ultimately pass away. Factors that should be considered in your estate plan include the age of your children, who should be able to make decisions for you in the event that you and your spouse cannot, how your investments are structured, real estate ownership, and many others depending on your situation.
Documents that plan for your incapacity such as a health care directive and/or durable power of attorney are critical lifetime documents. They give you the ability to maintain control over financial, legal, and healthcare matters.
A will gives you the opportunity to clarify how your want your estate distributed upon your death. Do monetary assets go into a trust so they won’t be wasted by minor children? Do you want to provide for a charity? Who should raise your children in the event that you and your spouse have passed away?
Understanding what needs to be done for a particular client requires experience and knowledge of the various legal options available. It also requires a complete understanding of your needs. Each person is different and each plan will be customized to your particular situation.