Estate planning is an important aspect of comprehensive financial planning. Without an estate plan, it is likely your assets will get divided in an undesirable way. Having an estate attorney you don’t like working with can also cause the same problems.
Estate planning is terribly difficult and miserably necessary. We help our clients find an attorney they like, get an estate plan drafted with him or her, and revisit that estate plan periodically.
Essential estate planning documents include:
- Last Will and Testament to catch any assets which might end up in probate, declare guardianship, and handle the distribution of tangible property.
- Trust Agreement to avoid probate where possible while still implementing any complex wishes or tax avoidance strategies you may desire.
- Advanced Medical Directive to give someone the authority to make medical decisions on your behalf if you are ever incapacitated.
- Power of Attorney to give someone the authority to manage your affairs on your behalf if you are ever incapacitated.
In addition to these documents, beneficiary designations on retirement accounts, life insurance policies, and other financial assets can be utilized to further direct your assets. Designated beneficiary plans, such as Transfer on Death, can also be considered for regular checking or brokerage accounts, cars, houses, and other titled assets.
As part of our estate planning service, we assist clients in following estate attorney instructions for proper implementation across known assets. Also, if you aren’t sure how you want to leave your assets, we can help you discern what your estate planning objectives are and discuss some basic ideas to take to an estate attorney.
The Most Tax-Efficient Method of Leaving Assets to Charity in Your Estate
If you have a charity among your heirs, there is the possibility for tax savings.