Estate planning is the act of trying to make sure that after you pass away or become incapable of making decisions that your estate will be managed, or dissolved, specifically according to your wishes. Generally, the plan is to keep taxes, fees, and other expenses to a minimum, while maximizing the portion available to the estate/beneficiaries.
Estate Planning Items for Consideration:
- Wills
- Trusts
- Property Ownership
- Beneficiary designations
- Powers of appointment
- Power of attorney (financial/medical)
- Living will
- Burial or other arrangements
- Charitable remainder trusts
- Personal residence trusts
- Guardianship
Everyone, regardless of the size of their estate, needs an estate plan. An estate plan will allow you to designate who you want to manage your assets if you are not able to do so, make health care decisions, and decide how you want your property, cash, and assets disbursed and distributed.
JPT081911-1288
