What is Estate Planning?
Estate planning is the process of planning for the orderly management and transfer of your property. Estate planning is for everyone because everyone has an estate, whether they consider themselves wealthy or not.
The word “estate” is nothing more than a term used to describe all of the things that people own. This would include things such as cars, checking and savings accounts, investments, life insurance, homes and other real estate, home furnishings, and other personal property.
Your estate plan should accomplish your specific goals, but it can include any combination of the examples below. In addition to naming the family members and other loved ones who you want to receive your property, an estate plan can be used to:
- Name trusted family members or friends to act as your agents in the event you experience a period of incapacity;
- Provide directions for your health care if you experience a period of incapacity;
- Name a guardian to care for any minor children and name a trustee to manage the inheritance you leave for any minor children;
- Establish protections for family members who do not manage money well or who may need protection from creditors or divorce;
- Leave an inheritance for family members who may have special needs so that their eligibility for government benefits such as Medicaid is protected;
- Reduce taxes, court costs, unnecessary legal fees, and increase the ease with which your property is transferred;
- Avoid the probate process with the proper use of Living Trusts.
The attorneys at Staunton & Faglie, PL can help with any of the objectives above or with any other goals or concerns you may have. Call now if you have questions or if you are ready to speak with an attorney about any aspect of your estate planning goals.
Contact us now if you have questions or if you are ready to speak with an attorney about any aspect of your estate planning goals.