Clarifying your Estate Planning needs

In a world of constant change, two things are certain. Death and Taxes. With proper estate planning we can help you provide for your loved ones after your death, and minimize dreaded estate taxes.

There are many things that family and friends are confronted with at the death of a loved one. Organizing and distributing the loved one’s assets can be one of the most time consuming and expensive tasks put on those left behind. Preparing for these hard times is a very important step we can take now in order to help our loved ones when we pass on.

Without your personal estate plan in place, including a Trust, Last Will and Testament, and Power of Attorney, the state law of intestacy determines who gets what from you and who is in charge. Often it is not what you would have wanted. You can avoid a lot of fights, dissensions, and confusion by having a valid, clear estate plan. Identify who is the best person to put in charge (i.e. be your Trustee, Personal Representative or Executor.) They administer your estate plan and distribute your assets as you direct.

If you have minors or adult beneficiaries that need their shares to be protected you can create a testamentary trust for their shares. You do not need to be a millionaire to have a trust. Any person with someone to protect, like minor children, elderly relatives or disabled beneficiaries, can make very good use of a trust.

Your estate plan should not just address administration after your passing. Your final wishes, such as living will language (often referred to as an “Advance Health Care Directive”), should be listed. You should consider nominating someone to serve under a Power of Attorney to help make decisions before you pass away as well.

All these issues should be addressed when looking at your own estate plan, and with 40 years of experience we are able to help you navigate through. It is important when you workout your estate plan that your wishes be followed so that the final product is your estate plan, and not somebody else’s.