Estate Planning

Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning is meant to typically to eliminate uncertainties over the administration of probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity. Estate planning can involve wills, trusts, beneficiary designations, power of appointment, property ownership, gift, power of attorney, and the durable medical power of attorney. After widespread litigation and media coverage of the Terri Schiavo case many estate planning attorneys also advise clients to create a living will. Specific final arrangements, such as whether to be buried or cremated, are also often part of the documents. More sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.

Here are a few suggestions and questions to ask yourself in order to decide if your estate planning is up to date:

1. Is your Trust (or Will) up to date? If you have reviewed your estate plan recently, then you should. The laws can often change and the last thing you want is the Probate Court to decide your children's future.

2. Have you selected the appropriate guardian for your children? Make sure the people you have chosen are still willing and able to serve. Also, make sure you have temporary guardians in case your permanent guardians need to travel to get your kids.

3. Do you have adequate Life insurance? All of the documents only direct what happens to the money and assets you own. If you don't have much, there is not much there for your surviving spouse or children. Estate planning documents do not create wealth. Life Insurance creates wealth. Make sure you have enough to help your spouse or children.

4. What if you become incapacitated? Who will manage your finances if you can't manage them yourself? Make sure you have someone that is trustworthy. They will be making very important decisions on your behalf.

5. Do you have an Advance Health Care Directive? This is one document that protects you. You want to make sure that the person that you ask to be your agent will follow your instructions. Find out if they will they ask questions of the Doctor, get a second opinion, and/or consult with other family members. Remember, these are decisions being made on your behalf.

6. Do you have a HIPAA release? Without one a Doctor will not tell anyone about your private medical condition. This can make it extremely difficult for anyone to actually take over on your behalf if necessary.

7. Is your trust funded? Have you titled all of your property into the trust. Make sure all of your bank accounts, brokerage accounts, real estate and other properties are actually titled in the name of the trust.

These are just a few things to be considered before it's too late. If you have any questions please call our office now and we will be more than happy to help you make decisions through your stressful times.