Estate Planning
Estate Planning
Estate planning is the process of identifying your assets and developing a plan for distributing them through the drafting of the appropriate legal instruments: wills, revocable living trusts, testamentary trusts, powers of attorney, retitling of assets, and beneficiary designations. Good planning seeks to minimize probate to make asset transfers easier, minimize taxes, and provide for those you hold dear.
Wills
A will allows you to designate to whom your assets are distributed, whether to family, dear friends, or favorite charities.
Trusts
Trusts come in all sizes and shapes: they can be revocable or irrevocable, effective during your lifetime or established by your will. With a trust, you transfer legal title to assets to a trustee who manages those assets for a beneficiary. Common examples are revocable living trusts, testamentary trusts for minor children, and irrevocable trusts for persons with special needs.
Powers of Attorney
Powers of attorney for healthcare and property allow you to name an agent to help you with your healthcare and financial decisions if you become sick and unable to care for matters.
Beneficiary Designations
Assets with a named beneficiary are distributed automatically after life, and are not subject to probate and its associated delays and costs. Examples are life insurance policies, bank accounts, and 401(k)s.