An Estate Plan insures that the right people get the right things at the right time; for example:
- You want to make sure that there is somebody to take care of your financial affairs if you become unable to do so.
- You may want your children to inherit money or property but also want them to reach a level of maturity before receiving their entire inheritance.
- You may also want a trusted person to make health care and living choices if you are unable to make or communicate your wishes.
This is done with using various tools, which may include:
- a Will
- a Family Trust
- Powers of Attorney
- Advance Healthcare Directive (Living Will)
- Transfer on Death Deeds or Beneficiary Designations
- Other Directives
Your goals may include:
- Avoidance of:
- Probate of your Estate
- Court appointed Guardianship
- Court trying to determine your wishes
- Avoiding Estate Taxes
- Business Transition
- Protecting beneficiaries
- Special needs
- Trouble or dangers of receiving inheritances