Estate Planning Guide
Comprehensive Trust & Estate Planning
Most people believe that estate planning consists of nothing more than preparing a Will to specify how your assets are to be distributed upon your death. Proper estate planning, however, deals with protecting your family and assets both during and after your lifetime. A comprehensive estate plan involves: (i) preparing for your disability or incapacity; (ii) minimizing the risks associated with the administration of your estate at death; and (iii) protecting your family’s inheritance after your death.
Effective estate planning allows you to avoid many difficulties and expenses that most people never consider, such as:
- The need to have a court-appointed guardian to manage your property if you become incapacitated;
- The costs incurred by your estate when a probate proceeding is necessary to manage and distribute your assets at death; and
- The risks posed to children’s inheritance years after your death by their creditors and divorcing spouses.
As you can see, estate planning includes more than simply passing along your bank accounts at death. Comprehensive estate planning involves the establishment of a plan for managing your assets while you’re alive, distributing those assets upon your death with a minimum of cost and delay, and protecting your family even after your death.
When establishing an estate plan there are many obstacles and challenges that need to be considered. Set forth in this Estate Planning Guide are some that you should be aware of.
Included in this 2020 Estate Planning Guide is a comprehensive look into:
Probate. In terms of estate planning, there are two forms of probate to be concerned about: – death probate and living probate. This Estate Planning Guide covers them both, explains the difference and how to avoid expenses and burdens that can be associated with the probate process.
Drafting a Last Will and Testament. Why is relying on a Will alone is not part of a comprehensive estate plan.
Benefits of a Living Trust. What is a revocable living trust and how can it be an efficient tool to avoiding probate at your death, as well as to avoid living probate in the event of your incapacity.