The Basics of Estate Planning

Are you or someone you know in need of estate planning services? Chances are if you are in need of these services, you don’t know as much as you would like to know about the process. Just know that you are not alone. Although there is much to know about the process of planning for an estate, the primary purpose of this service is to eliminate the uncertainties inherent in the probate administration of an estate, doing so in the most cost effective manner possible. It is the intention of this article to provide information deemed necessary in understanding estate planning, should you or someone you know decide to utilize these services.

The first and perhaps most obvious question you need to answer in respect to estate planning is whether or not you want to utilize these services. This means that you would actually have to take inventory of every single asset, e.g. insurance policies, retirement savings, investments, real estate, and/or businesses. Additional points of interests include the following: who do you want to make medical decisions for you in the event you are either incapacitated or unable to make them for yourself, and who do you want to handle your financial affairs when you die? The devices typically included in the planning of an estate involve wills, trusts, beneficiary designations, powers of appointment, property ownership, gifts, powers of attorney, and the living will. As a result, nearly everyone can and should have at least a basic estate plan in order to ensure that your basic financial goals are met after you are deceased. Assuming that you have decided you have assets or interests to protect in a planned estate, it is mandatory, not optional, to seek out an attorney or law firm who specializes in the probate processes of estate planning. Whether you opt for an attorney or law firm for full-scale litigation, or simply for mediation, the selection process is nonetheless the same. However, it is important to note that mediation may be more desirable if you foresee potential conflicts among complex family situations (i.e. blended families, step siblings or multiple marriages) in an effort to meet your financial goals. Moreover, utilizing the services of an attorney or law firm for the probate administration, either for litigation or mediation, can and will be financially advantageous as the attorney/law firm will be able to find ways to reduce your costs such as taxes and other expenses.

Gone are the days in which estate planning is only for the wealthy. In fact, most individuals should have a basic estate plan not only ensure that financial goals are met after you die, but also to ensure that special interests are protected in the event that you become incapacitated or otherwise unable to make decisions for yourself. In order to achieve this, it is necessary to employ a specialized attorney or law firms to help you throughout the setup process but also equally importantly, in the event that it becomes legally necessary, to enact the decisions you have previously stipulated in the documentation contained in your estate plan in order to achieve your financial goals.