What Is Estate Planning?
By: LawInfo
Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that would meet your specific wishes if something happens to you or those you care about. Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed.
On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.
On the personal side, a good estate plan includes directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you select would do that for you, and know when you would want them to authorize heroic measures and when you would prefer they pull the plug.
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Additional Estate Planning FAQs
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Q:
How to Obtain a Death Ceritifcate
A: When you are helping to wrap up the affairs of the deceased, you will probably need a death certificate to get access to bank accounts, safety deposit boxes and … More -
Q:
What Sorts Of Instructions Are Made As Part Of An Estate Plan?
A: An estate plan consists of one or more documents that set forth instructions. Some documents are used to control health care decisions, others control your property in … More -
Q:
What are Some Typical Estate Planning Documents?
A: Several of the following documents are typically used as part of the estate planning process: A Will, sometimes called a Last Will and Testament, to transfer … More -
Q:
When Should I Start My Estate Plan?
A: The only time that you can prepare and implement an estate plan is while you are alive and have legal capacity to enter into a contract. If you are unable to manage … More -
Q:
How Can I Reduce My Estate Tax Upon My Death?
A: Federal Estate Taxes are only charged against Estates with net values in excess of the amount set by the law in place at the time of the person's death. The … More -
Q:
What Is A Will?
A: A Will is a written instrument containing directions for how the property of the person making the Will (called the testator) shall be divided on his or her death. … More -
Q:
What Is A Trust?
A: A trust is a fictitious legal entity that owns assets for the benefit of a third person (beneficiary). The Grantor of the Trust is the person who set up and gave … More -
Q:
What Is The Difference Between A Will And A Trust?
A: A Will and a Trust serve different purposes. Most people don`t have either one. A Will and a Trust are similar in the effect that both let you designate exactly how … More -
Q:
What Happens If A Person Dies Without A Will?
A: If a person dies without a Will, he/she will be considered to have died intestate. In this case, property will be distributed by the states laws. Often, the surviving … More -
Q:
What Is A Durable Power Of Attorney For Health Care?
A: The durable power of attorney for health care is a document that allows you to name another person to make certain medical decisions for you if you are unable to make … More
