What is Estate Planning?
Estate planning is legally arranging your assets and determining who you want to receive these assets and when, while minimizing fees such as taxes and court costs.
Why should I have a will?
If you die without a will, state law determines what happens to your assets. A will is particularly important if you have small children and want to transfer guardianship to a specific person(s). A will ensures that your loved ones will have direction on how you would like your final wishes to be carried out, rather than putting them through the trauma of guessing or fighting about what they think you would have wanted.
What is the difference between a will and a trust?
Both a will and a trust are useful tools in estate planning. A will goes into effect after you die, while a trust takes effect as soon as it is created. A will also passes through probate, while a trust passes outside of probate. While a will becomes part of the public record, a trust can remain private. A successful estate plan can involve both of these.
What is a Financial Power of Attorney?
A Financial Power of Attorney enables an individual designated by you to handle your assets in case you are ever incapacitated.
What is a Medical Power of Attorney?
A Medical Power of Attorney grants an individual agent to make health care decisions for you in case you are ever incapacitated. Your agent will be able to make health care decisions that you specify, such as instructions involving surgery or life-sustaining care.