What is Estate Planning?

Estate Planning is when you create a plan for the transfer of your assets after you pass away.

What are you Planning for?

There are many reasons to create an Estate Plan. Perhaps the three most common or top-of-mind reasons are:

  • To get your money and property to your loved ones,
  • Keep your loved ones out of court, and
  • Pay as little tax as possible to the government.

Other important reasons include, planning for your own incapacity, estate planning for special needs children, Medicaid Planning, and planning for pets.

What documents are utilized to create an Estate Plan?

The estate planning documents most regularly used are: Will, Trust, Power of Attorney, Patient Advocate, Deed, Beneficiary Designation and Joint Ownership.

Estate plans are simple and complex

Simple estate plans created for a house and bank account are usually simple and utilize deeds and beneficiary designations. However, estate plans created for minor children or second marriages can be complex, and usually involve a Trust.

The amount of wealth you have does not determine if an estate plan will be simple or complex. Rather, the type and amount of assets you have, and how you want to distribute your assets, will determine whether your plan will be simple or complex.

Begin Your Estate Planning

How do you begin Estate Planning? Decide that you need an estate plan and make time to consult with an attorney. Think about who would your transfer your money and property to and how much to transfer. Communicate with your loved ones. Get legal advice and recommendations from an attorney.

Get peace of Mind and protect your loved ones by creating an estate plan.

If you need help creating an estate plan please call Nick Daniels directly at 586-668-1229.