Estate Planning is the process of managing and controlling your assets while you are alive and well, planning for yourself and your loved ones if you become disabled, efficiently transferring your assets to your beneficiaries at death, and protecting your loved ones and their inheritances after you are gone. There are many strategies involved in a well designed estate plan, and various legal tools may be utilized such as wills, revocable living trusts, irrevocable trusts, durable powers of attorney, health care powers of attorney, living wills and other documents.
While no one enjoys thinking about death or disability, establishing a proper estate plan is one of the most important steps you can take to protect yourself and your loved ones. New clients often think they do not have an estate plan. Most people are surprised to learn that they do actually have a plan. Generally, this is not the plan people would choose for themselves, and it does not include any protections for their beneficiaries. By planning ahead, you can replace the State’s estate plan with one of your own and ensure your loved ones are protected.