What Is Estate Planning?
Estate planning is the term given to the process people go through to prepare for the legal, financial and personal realities of their death, while an estate plan is a collection of tools specifically designed to address these kinds of issues. Estate planning is not a single topic, but rather a collection of topics that all involve the practical realities surrounding death and mortality. It can also be rather complicated, involving ever-changing considerations in light of personal preferences, new laws, shifting economic factors and more
Estate Planning Tools
Perhaps the most important issue your estate plan will address is inheritances.
When you craft an estate plan you get to decide who inherits your property after you pass away.
Asset protection is the process of structuring your property in such a way that it will be protected from those who might try to take it.
Essentially this means protecting your money from potential lawsuits, or from creditors who might seek to seize your assets to satisfy any debts you might owe.
Get the Legal Help You Need to Protect Your Estate
Your decision to make a will or living trust to control distribution of your estate is an important decision. There are important differences between the two. A traditional will is public record and involves a lengthy, expensive probate process. By contrast, a living trust is private and can transfer ownership to your beneficiaries without the need for an attorney or court fees. Your unbundled provider attorney will take the mystery out of making the important decision to provide for your beneficiaries in the best way possible. If you are needing assistance with probate, Grossman and Associates can provide you with the necessary guidance and representation to ensure that your loved one’s wishes are honored and each party receives their rightful share of the estate.
ESTATE PLANNING CHECKLIST
1. Do you have a current will?
2. Have you named executor(s) and Trustee(s)?
3. Do you have enduring power of attorney?
4. Do you have a health proxy?
5. Have you requested special funeral arrangements and left instructions with your executor?
6. Have you documented your wishes regarding organ donations?
7. Do your children have a named guardian(s) for minor children?
8. Do you have the right amount of life insurance?
9. Do you have a family trust to protect your family inheritance?