Estate planning is the method where a person or family pre-arranges the transfer of assets in case of death. An estate plan is intended to maintain the largest amount of wealth possible for the intended beneficiaries and still maintain flexibility for the person before their death.
There are several things you may need to know about estate planning, including why you may need a will and why assigning a power of attorney is important.
An estate is the entire property, both real and personal, owned by a person, before submission, by means of a will or trust. Real property is real estate, and private property includes everything else, such as cars, household items, and lender accounts. Estate planning distributes the real and personal property to a person's heirs.
Regardless of your net-worth, it is vital that you have a simple estate plan set up. This type of strategy helps to ensure that your family and financial goals are satisfied once you are no longer here.
An estate strategy has several components.
It includes: Assignment of power of attorney, a will,and maybe a health care proxy or a trust. When assembling a strategy, you also have to keep in mind all national and state regulations governing properties.
Wills and trusts are typical ways people dispose of their assets. For many people, a trust could be the best choice. Trusts, unlike wills, possess the advantage of avoiding probate, a long and expensive legal process that manages the exchange of resources. Occasionally, though, it's going to be beneficial to create inter vivo presents (gifts created while the donor is living) so that you can decrease taxation.
We can help you with:
Preparing a will and an estate plan (including establishing any trusts).
Estate administration and executorial duties.
Enduring powers of attorney and living wills.
Leaving a charitable legacy.
Personal insurance coverage.
Business owner succession planning.
Estate Planning is very complex and is subject to changing laws. Contact us for more information at 757-746-5644.