What is Estate Planning?
Estate planning is defined as the process by which an individual or family creates a financial and legal plan to leave assets to loved ones after death or incapacity.
At Restoration Law, our curated estate plans aim to preserve the maximum amount of wealth possible for our clients through minimization of taxes and asset protection.
Estate planning tasks include:
- creating a will,
- setting up trusts,
- making charitable donations to limit estate taxes,
- allocating guardianship of children and pets,
- and naming an executor and beneficiaries.
What is an Estate?
An estate is the total property (real and personal) owned by an individual prior to distribution through a trust or will.
For example, the following assets all make up an individual’s estate:
- cars
- homes
- land
- household items
- bank accounts
- retirement accounts.
Do I Really Need Estate Planning?
Have you thought about what would happen if you died without a Will? Or what would happen if you became permanently unconscious or terminally ill?
Have you made end-of-life decisions? If not, who will make medical decisions on your behalf? And how will your property be transferred to your loved ones?
These are the kinds of questions adults should think about in advance. They’re part of what we call “estate planning.” To make sure things happen the way you want them to, your estate planning should include the following:
- Will or Revocable Living Trust
- Living Will
- Health Care Power of Attorney
- HIPAA
- Financial Power of Attorney
- Guardianship designation.
Estate Planning Is More Than Just Preparing Wills.
Additionally, trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Most estate planning clients now use beneficiary designations and trusts to pass most of their property to their family.
