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 Wills FAQs
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Q:
Do I Have to Have a Will?
A: No, but if you do not have a will then your assets will be distributed “intestate.” What this means is that your property will be distributed to … More -
Q:
Does It Make Sense To Use An Attorney? Is It Expensive?
A: Only an attorney who regularly practices in the fields of wills, trusts, probate and estate planning is able to provide you with really sound legal advice as you put … More -
Q:
What if I Die Wthout Any Family?
A: If you die without any family (heirs) and without a will then your estate “escheats” to the state. What this means is that the state you live in … 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:
Do I Have to Give Property To Every Child?
A: No, you can “disinherit” any person you chose. However, the only way to disinherit someone is through the use of a will. It is also a good … 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:
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 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
Estate Planning Sub-categories
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Family Will
Living Will | Trusts |
