Estate
Planning Overview
We
are continually developing this section of the
website to provide more educational information
for our clients and others interested in learning more
about
estate planning. This page offers
some basic information. See also How
We Operate for
more information on the mechanics of setting up an estate
plan.
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What is Estate Planning?
Estate planning entails planning in advance for:
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| • |
Distribution
of your property at death |
| • |
Naming
health care and financial managers in the event you become
incapacitated during your lifetime |
Why
Do I Need an Estate Plan?
If
a person owns property in his/her own name, at death the
probate court will order the assets distributed in accordance
with a written will — or, if there is no will, by
the laws of intestate succession. This court process is
called probate.
Probate can be costly, time-consuming, psychologically
traumatic, and can frequently entail unwanted publicity.
In appropriate cases, a carefully drafted living trust
can help a person avoid the unnecessary disadvantages of
probate.
What
Are the Advantages of Having an Estate Plan?
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| • |
Provides
the quickest, most efficient, and least costly way to transfer
property to the people you want to receive
it. |
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Saves
on costly income and death taxes. |
| • |
Precludes the
need for probate, an expensive and prolonged court proceeding. |
| • |
Provides
emotional security for you and your family. |
| • |
Allows
you, rather than the state, to select your heirs and the
amount of property to be distributed to each heir. |
| • |
Allows
you to provide most effectively for beneficiaries with
disabilities and others whom you want to protect. |
| • |
In
the case of a second marriage, allows you to provide for
your spouse and then your children. |
