Estate Planning
If you wish to leave behind a meaningful legacy, be it for loved ones or a charitable institution, you need to put a well-thought-out estate plan in place. Without an established plan, the fate of your estate could be determined by the government, lawyers, or people that don’t have your interests and best wishes in mind.
Having an estate plan is paramount in ensuring your estate is handled according to your wishes. Together with your estate planning attorney, we can assist in drafting documents and reviewing your situation so your estate benefits the people and charities you care about most.
What We Can Do For You
- Will education: We can help you understand how to structure your will so your legal team can create a document that reflects how you want your estate disposed of and distributed. From a simple will to a testamentary will, or joint wills and living wills – our team will help you navigate the complexities of this document so you won’t need to stress over specifics.
- Creating Powers of Attorney (POA): Whether it’s to manage specific assets, such as investments, accounts, and real estate holdings, or to help others make health care decisions if you are ill or incapacitated, you need a POA in place to ensure your wishes are followed. A well-crafted POA can also smoothen how decisions about your final arrangements, and those related to your estate, are taken care of once you pass.
- Choosing executors: The executors of your estate wield strong powers that determine how your estate is handled upon your passing. We’ll help you understand the importance of choosing an executor(s) for your estate, and what criteria you should consider when appointing someone to discharge this all-important role – especially if minor children/guardians are involved.
- Designating beneficiaries: If you don’t choose beneficiaries for your assets carefully, your estate assets might end up in the hands of individuals that you never intended should benefit from them. A well-thought-out estate plan can help ensure the needs of your dependents are taken care of.
- Minimizing estate taxes and probate fees: Taxes, fees, and other levies have the potential to erode a large part of your estate before your beneficiaries see a cent. Careful planning can reduce the impact taxes and fees may have.
- Estate protection: Even after you pass, many of your assets – such as long-term investments and property – will likely need protection and management until they are disposed of and their proceeds are distributed to your beneficiaries. In the absence of an estate plan, your assets will likely not receive the type and level of protection those assets require.
- Distribute your legacy: Our professionals can support you in synchronizing your estate plans and your will, so your assets are distributed in line with your final wishes.
Estate Planning FAQs
What is estate planning?
Estate planning is the process of organizing your financial affairs and documenting your wishes for the management and distribution of assets during life and after death. A comprehensive estate plan may include legal documents, beneficiary designations, and strategies to help address family and financial goals.
Why is estate planning important?
Estate planning can help provide clarity regarding your wishes, support family members, and facilitate the transfer of assets. It may also help address health care decisions, guardianship considerations, and wealth transfer objectives.
When should I create an estate plan?
Estate planning is important for adults of all ages, especially after major life events such as marriage, the birth of a child, business ownership, retirement, or significant changes in financial circumstances.
What documents are commonly included in an estate plan?
Common estate planning documents may include a will, trust, durable power of attorney, health care directive, and beneficiary designations. The specific documents needed depend on an individual's goals and circumstances.
What is the difference between a will and a trust?
A will outlines how assets should be distributed after death, while a trust can provide instructions for managing and distributing assets during life and after death. Both tools may play important roles in an estate plan depending on individual needs.
How often should I update my estate plan?
Estate plans should be reviewed periodically and after major life events. Changes in family circumstances, financial situations, or laws may create a need to update existing documents and beneficiary designations.
Can estate planning help protect my family?
Estate planning can help ensure that important decisions are documented and that loved ones have guidance regarding your wishes. Proper planning may help reduce uncertainty and simplify administrative responsibilities for family members.
What happens if I do not have an estate plan?
Without an estate plan, state laws generally determine how assets are distributed and who may make certain decisions on your behalf. This may result in outcomes that differ from your personal wishes and family goals.
How do beneficiary designations fit into estate planning?
Beneficiary designations can determine how certain assets, such as retirement accounts and life insurance policies, are transferred. Keeping designations updated is an important part of maintaining an effective estate plan.
Should I work with professionals when creating an estate plan?
Estate planning often involves coordination among legal, tax, and financial professionals. Working with qualified professionals can help ensure your plan reflects your objectives and remains aligned with your overall financial strategy.
Schedule a meeting with us to see what an estate plan can do for you.
Our firm does not provide legal or tax advice or services. Please consult your legal advisor or an estate planning attorney or tax advisor regarding your specific situation.
