It's unfortunate that the term "Estate Planning" seems to carry
so much baggage with it as some of us feel they we don't own enough
or are too young to worry about it. Others associate estate planning
with death and so avoid the topic altogether. However, estate
planning is really looking out for our loved ones, assuring they are
provided for, and that our property end up where we want them to,
both while we're alive and afterwards.
Just what is an estate?
"Estate" is a term commonly used to denote the sum total of all
types of property owned by a person at a particular time, usually
upon his death. But, it may be better to think of an estate is a
legal entity ("thing") that springs into being upon the death of an
individual person. It makes sense, since generally a deceased person
cannot by law deal with property - own property, be indebted, give
property away. And so the person's "estate" assumes these roles and
responsibilities.
What can an estate plan do for
you?
1. In the most straightforward aspect, it determines what happens
to your property.
2. Specify who will be in charge of handling your estate; i.e.
the executor of a will (aka personal representative or executrix) or
the trustee of your trust.
3. Avoid probate thus allowing your property to pass to your
beneficiaries without the oversight of the county estates division,
without the fees associated with the oversight, and without the
delay in transferring property.
4. Reduce taxes.
5. Provide for charitable giving.
6. Plan for incapacity through the use of advance directives such
as durable and health care powers of attorney, living wills and
final directives.
7. Provide for the proper disposition of business ownership
interests.
To recap, estate planning provides for the transfer of assets
during life and/or at death to the people you desire to benefit,
while minimizing taxes and other costs. The Neagle Law Firm provides
Estate Planning using Wills, Durable Powers of Attorney, Health Care
Powers of Attorney, Living Wills, and Final Directives.
Additionally, in many cases, the use of Revocable and Irrevocable
Trusts is advisable as a key part of an estate
plan.
Estate Planning
Overview | Where do I start | What will it cost | How do we do
it |
Trap for the unwary
Estate Administration
Overview | Where do I start | What will it
cost
