Preserve Your Legacy. Protect Your Family. Contact JDF Law Today.
No one likes to think about death. Estate planning requires us to acknowledge our own mortality and consider what will happen to our loved ones and the legacy of our life’s work when we die. As difficult as that may be, the failure to prepare for death or incapacity can have devastating and unforeseen consequences.
With a properly executed estate plan you can ensure your goals are met while mitigating risk and providing security and stability for your family and loved ones. You deserve peace of mind. Check estate planning off your to-do list today.
What Happens During the Estate Planning Process?
Estate planning may include any or all of the following:
- Reviewing your goals and objectives;
- Identifying those you want to benefit from your estate;
- Clarifying your charitable inclinations;
- Determining how your assets will be preserved and managed in the event of incapacity;
- Formulating a business succession plan;
- Establishing how your assets will be distributed upon death;
- Evaluating your risk for estate tax, gift tax, generation skipping transfer tax and other tax liability; and
- Drafting and executing estate planning documents that best meet your goals and objectives.
What Is Included in a Typical Estate Plan?
Most individuals would benefit from an estate plan that includes a Last Will and Testament, Durable Power of Attorney, and Health Care Directive. Your Last Will and Testament designates how you want your property distributed at your death, and who will serve as the personal representative or executor of your estate to ensure that your wishes are carried out. In addition, your Last Will and Testament can name the person or persons you would like to serve as guardians for your children should you die while your children are minors. If you die without a Will, your property will pass in accordance with the laws of intestacy in the state where you were domiciled at your death, which may not be in accordance with your wishes.
A Durable Power of Attorney designates an agent to manage your financial affairs in the event you become incapacitated or are otherwise unable to manage your financial affairs on your own behalf. Without a Durable Power of Attorney in place, if you become incapacitated, a court action to appoint a guardian or conservator may be required in order for your assets to be made available to provide for your needs.
A Health Care Directive both appoints an agent to make health care decisions on your behalf and allows you to provide written instructions regarding the types of health care you do or do not want to receive. Schedule your initial estate planning consultation today.
When Should I Review My Estate Plan?
You should consider an estate plan now if you don’t have one. If you do have an estate plan, consider reviewing that plan upon –
What Other Documents Might Be Prepared as Part of My Estate Plan?
Estate planning documents, other than a Will, Power of Attorney or Health Care Directive may be beneficial for you. In particular, if you would like your estate to avoid a probate proceeding, or if you own significant assets that would result in a taxable estate when you die, additional estate or tax planning may be advantageous. Some of the additional documents that may be drafted as part of an estate plan include –
Preserve Your Legacy. Protect Your Family. Contact JCF Law Today.
As an expert on Estate Planning and Law, Janel C. Frank highlights topics related to the field in a series of informative blog posts. These are provided as a resource to the public and visitors to this site.
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There are additional reasons why having a Will is a good idea. Wills generally include a guardianship clause when parents have minor children. This clause allows the parents to name the person they want to serve as guardian should the parents die while their children...
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