This is not a substitute for legal advice.  An attorney must be consulted.

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What is estate planning?

Estate planning is simply an arrangement for the distribution of one's assets.  However, estate planning commonly includes much more than just distributing wealth.  Common concerns are naming guardians and providing for minor children, planning for the handling of finances in the event of disability or old age, providing for spouses and minimizing death taxes, etc. It is a misconception that estate planning is only for the wealthy. There are very few people who do not need some type of estate planning. The simplest estate plan may consist of only a Simple Will and a Power of Attorney. Those two documents can provide for a multitude of concerns.

Following are reasons commonly given for needing estate planning:

  1. Continuation of income in the event of disability or continuation of income for the spouse in the event of death.

  2. Preventing intra family squabbles by setting forth a plan of how assets will be distributed.

  3. Planning for sufficient liquidity to pay taxes and expenses so the family isn't forced to sell assets.

  4. Continuation of a business by key family members or employees.

  5. Minimization of death taxes.

  6. Providing for minor children through trusts, to take into consideration, in a fair manner, their future needs based on age and health.

Copyright © 1994 - 2015 by LAWCHEK, LTD.

This is not a substitute for legal advice. An attorney must be consulted.