As we all know, Estate planning is far broader that just how assets should be divided after someone dies. Estate planning is about planning for life’s challenges such as:
- temporary or long term lifetime disability
- medical emergencies
- the efficient management of property during life and after death
- the protection of the mutual interests of couples and their children
- preserving confidentiality
- minimizing taxes during life and at death
- leaving a legacy for the benefit of the your family and your community.
In other words, estate planning is about life as well as about death; it is about the “here and now” and not just about the hereafter; it is about your present and your future. It’s about not only protecting yourself but your loved ones as well.
A Will is a device that lets the world know who you want to get your assets. Die without a Will and you allow complete strangers decide how to divide your property and who to appoint as guardian for your children.
Revocable Living Trusts
Revocable living trusts are a great idea because they allow you to pass your property to your loved ones without the hassles associated with probate court.
One of the best parts about a revocable living trust is that you can alter it however you wish while you are still alive. You can add money, take money out, name new beneficiaries and take out beneficiaries. And once you die, the property in the trust will most likely be transferred quickly and efficiently to the people that you chose.
A living will (also known as an advance medical directive) is a statement of your wishes for the kind of life-sustaining medical intervention you want, or don’t want, in the event that you become terminally ill and unable to communicate.
POWER OF ATTORNEY
Financial – Allows someone to act on your behalf on financial matters.
Health – Allows someone to act on your behalf on health matters.
Make sure that you and your loved ones are protected. We understand the complexities that life presents. Call us for a consultation to discuss your estate planning.