Estate Planning: Who, what, where, when, why & how?
What is it? Estate Planning is commonly known for the planning of the distribution of your assets upon your passing. It is also incapacity planning and includes your wishes and decisions for healthcare and finance if there is a time you are not physically and or mentally able to express those wishes. It also allows you to choose an agent to make any other decisions in those areas if you cannot and have not. The planning documents additionally include your wishes for your minor children if something were to happen to both parents.
Who needs it? Because it covers so many different topics relating to property and family, many people need it for one or more reasons. Anyone who owns a home, business, has children and/or wants to plan for matters in the case of incapacity will want to plan for those reasons relevant to them.
Why should I do it? Once again, because there are so many different but related topics in estate planning there are many reasons to do it. For starters, avoiding probate is an important benefit. In an estate plan, a revocable living trust is a document that specifies the terms of the property distribution and many provisions that may come into effect during incapacity. When one uses a trust to own their property, upon their passing, the trust will not have to go through the probate process. The probate process is a court process that can be lengthy and costly and cause unnecessary burden on the surviving family members. Although probate is a very significant reason to create a trust, it is not the only reason. As mentioned above, estate plans also plan for incapacity meaning if there is a time that someone is unable to make decisions for themselves, the trust, durable power of attorney, and healthcare power of attorney can all come into play to ensure the wishes of the person are respected and if needed, an agent is appointed to make any other decisions. Your wishes for your minor children are also specified in the estate plan and allow you to express what you want about who you would like to raise your children and any other wishes you may want to inform them of.
When should I it? Of course, the sooner the better. Because life is unpredictable, putting planning off can often be detrimental to all those involved. Typically, major life events cause people to think about getting their affairs in order. For example, when couples have their first child, they often want to create a nomination of guardianship to make sure their wishes for the child have been expressed.
Where should I do it? Consulting and retaining an estate planning attorney is highly recommended. You can find estate planning attorneys through a simple online search and you can also check the state bar website to find one as well. The state bar website can point you to Lawyer Referral Services in your area and can also let you know of any disciplinary action against a particular attorney. There is an abundance of professionals that can create an estate plan. Finding the right one is a personal decision. Depending on what you look for in an estate planning attorney, or a professional in general, you want to look into their credentials, practice areas and focus areas and maybe even their professional demeanor. It may or may not be important to you for that attorney to relate to you personally. Whatever the criteria, you can certainly find the right fit based on your needs and your specific scenario.
How: That’s an easy one. To start, click here to book a 30 minute, no obligation consultation.
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