An estate plan is comprised of legal documents created to predetermine the disposition of a person’s property upon his or her death. The ideal estate plan ensures that a person’s intentions are fulfilled and that he or she can pass the maximum amount of assets to beneficiaries while incurring the least amount of taxes and costs. If a person dies without a formal plan, his or her assets will instead be disposed of according to state statutes.
When considering an estate plan, many issues need to be addressed:
- What assets do I own?
- Who should inherit my assets?
- How should my assets be split up?
- When and how should my assets be transferred to my beneficiaries?
- What are the differences between (and advantages of) a last will and testament, a revocable or irrevocable living trust, and a testamentary trust?
- What is probate?
- What are the responsibilities of an executor, trustee or guardian?
Only an experienced attorney who specializes in estate planning should draft your documents. Our job is to counsel you through the estate planning process in order to achieve and execute the most advantageous plan for you and your beneficiaries.