Estate Planning is the process of making decisions today that will determine what happens to you, your assets, and your estate in the event of incapacity or death. The importance of estate planning cannot be overstated. Without a Will, the State will distribute your assets under intestate succession. The resulting process is often time consuming, expensive and not what you would want specifically to occur.
In addition to protection, proper planning can also maximize the value of your estate by planning around potential taxes and expenses that could reduce the net value of your estate.
Various elements/vehicles that are often present within an estate plan are:
- Last Will and Testament
- Living Trust
- Family Limited Partnership/Family Trust
- IRA Inheritance Trust
- Charitable Remainder Trust
- Power of Attorney
- Medical Power of Attorney
- Physician’s Directive
- Healthcare Designation for Children