Contrary to popular perception, estate planning is not solely reserved for the wealthy. It applies to nearly everyone as most of us do have an estate, and therefore, interests that need to be protected. Our estate includes everything we have ownership over or an interest in, such as: bank accounts, investments, personal property, our residence, a business, life insurance policies and more.
It is possible that we may become incapacitated at some point in our life. It is certain that one day we will pass away. What do both scenarios have in common? The need for instruction as to how to handle “things” if and when either scenario comes true. These “instructions” make up your estate plan, and when properly developed, should address the following:
– How to care for you and your financial affairs should you become incapacitated before you die.
– Provide clear direction for the transfer of your interests to those individuals, organizations or charities you desire to receive them.
– A custodial and care plan for your minor children or family members with special needs.
– Tax and cost-efficient transfer of your assets to the intended beneficiaries
Our estate planning process fully takes into full consideration your assets, your family’s health history and your bequeathing desires to make the appropriate recommendations. Your estate plan may call for establishment of, or update to, your will, living will, durable power of attorney for health care, a minor’s guardian, a trust, beneficiary designations or changes to titling of important assets and more. We will work with your estate attorney to evaluate and consider all appropriate approaches to recommend the most effective estate plan given your specific needs.