Estate Planning FAQ’s
What is Estate Planning?
Estate Planning is the use of legal techniques to make sure that maximum amount of assets you accumulate during your lifetime can be passed on to your heirs and loved ones, during your life, or after your death. It also serves to make sure that only the minimum amount of taxes legally due from your estate are paid. In most cases, doing it can serve to minimize the amount of costly fees and expenses to probate an estate.
Who should do estate planning?
If you own a home, a business, bank accounts or insurance, you have an estate. If you have assets, you should have do estate planning.
Do you have to be wealthy to have do this?
No. Estate planning just ensures that at your death, whatever you own will be transferred in the manner you wish. Without an estate plan, the law of the state you live inwill determine where your assets will go. Estate Planning is also used to establish who will handle your financial affairs and make important medical and health decisions for you. In the event you are unable to make the decisions for yourself.
Are estate planning documents permanent?
No. They are meant to provide directions at the time of our death, but as circumstances change during our lives, they are meant to be reviewed and changed as necessary so that they always reflect our current wishes. Your estate plan documents can include a Will, Living Will, Trust (revocable or irrevocable) or a Testamentary Trust. The differences between these documents and which ones are appropriate for you, should be discussed with your lawyer.
Do I put Funeral Instructions in my Will?
No. Typically the will is not reviewed and read until after the funeral. We have a form for people to plan out their instructions so that their loved ones are not burdened with that. It is a form that provides in great detail what the plans should be. You can fill in as much or as little as you want. You should prepare it and let your loved ones know about it so that they are aware of your wishes when the need arises.