Estate planning is the process of planning for the management of your estate in anticipation of your incapacity and the disposition of your assets upon death.
Preparing an estate plan is undoubtedly one of the most important steps that you can take in order to ensure that your healthcare wishes are honored should you become incapacitated, and that your wishes regarding the transfer of your property on death are complied with.
While people traditionally believed that a will formed the pillar of a decent estate plan, more and more people now appreciate the value of a comprehensive estate plan. Such an estate plan includes relevant legal devices to transfer property, appoint guardians for children, reduce taxes, avoid probate, provide for the management of their financial affairs during times of incapacity and appoint agents to make healthcare decisions.
A good estate plan should also contain details regarding funeral and burial arrangements.
Irrespective of a person’s age or the size of their estate, a good estate plan can accomplish each of these tasks.
For most people, understanding estate planning options can appear to be quite a demanding endeavor at first glance. However, many of the techniques commonly used are relatively straightforward.
Estate Planning involves the use of Last Wills, Living Trusts, Living Wills, Powers of Attorney for Finance and Property, Healthcare Powers of Attorney and other legal forms. Each of these are explored further on the EstateBee website.
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For more information, read some of the other articles on this website.
You can also check out our book Estate Planning Essentials. It introduces you to estate planning and shows you how you can make an effective estate plan quickly and easily without the need for a lawyer. You’ll learn about estate planning devices such as wills, trusts, powers of attorney, medical directives, probate avoidance methods and more. To help you get a fuller understanding, particular attention is paid throughout to beneficiaries, children, disinheritance, incapacity, estate taxes and inheritance taxes. If you want to prepare an estate plan, this book is for you.
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