What is an Estate Plan?

Estate Planning is about planning for the future. It’s about taking care of the matters that are important, now, before it is too late. It’s not just about what happens with your stuff after you die. It’s about your choices, your decisions, and protecting your family now while you are still alive.

Yes, technically, an estate plan can be deemed as a statutory contract between a client and his/her estate that details who, when, where and how real and personal property will be distributed upon the client’s decease. However, many components of a well-designed Estate Plan will prove beneficial long before a person passes away. For example:

• Determining your preferences for medical treatment in the event of an accident or illness
• Deciding who you will rely on and trust to help make medical decisions if you are unable
• Clearing the legal paperwork so your family and physicians can access the necessary medical records to aid in your treatment
• Planning for your retirement
• Minimizing estate taxes

And yes, when you do pass, that is when an Estate Plan truly benefits your family by handling such circumstances and decisions such as:

• Detailing funeral arrangements
• Covering how your spouse and children will be provided for
• Making sure any minor children have the guardians you choose and the financial stability for their future
• Avoiding probate and saving time and money by legally transferring your assets as you designed

The design of a well-crafted estate plan often includes financial planning, data gathering, document drafting, and funding services. Typically, the services of at least three professions; legal, financial, and insurance are required. For example, attorneys need to address the legal aspects of and the application of law to their client’s estate. The financial planner provides a detailed roadmap of estate growth and management during the client’s lifetime. Once an estate plan is drafted, insurance might be required to meet plan funding objectives. In this regard, attorneys, financial planners, and insurance professionals should work together in a concerted effort to properly address a client’s estate planning goals and objectives. Our Estate Planners and services can assist in the coordination of this effort.