Estate Planning – FAQs
What is an estate plan?
An estate plan facilitates the orderly disposition of your estate (assets) upon your death to whom, how, and in the quantities you direct. Many estate plans also include a durable power of attorney and a durable power of attorney for healthcare with patient advocate designation.
Why do I need an estate plan?
An estate plan is an effective tool in directing the disposition of your estate (in or outside of probate), avoiding probate, and potentially avoiding the estate tax burden.
What types of documents are common in estate plans?
Commonly included documents are wills, trusts, durable powers of attorney, and durable powers of attorney for healthcare with patient advocate designations
I’m young and do not have many, if any, assets. Why would I need an estate plan?
Although you may not have many assets, there are still many advantages to having an estate plan. If you have children, a Will can direct who you want to be the children’s guardian (cares for the children) and conservator (manages finances for the children). Additionally, a durable power of attorney and a durable power of attorney for healthcare can direct who will make decisions on your behalf if you become incapacitated or are otherwise unable to participate in decisions on your own behalf (financial or medical).
. . . more FAQs coming soon. If you have a general question that you would like answered as a FAQ, please contact us.