Estate Plans are a set of documents tailored to meet your goals for the future of yourself and your loved ones. A properly drafted estate plan can accomplish your goals in a clear and straightforward manner.
You may want to provide for your family, donate to charity, avoid probate, or choose guardians for your minor children. Estate planning can do all this and allow you to:
- Choose who will act as medical and financial agent in the event of your incapacity
- Minimize or avoid income taxes for your beneficiaries
- Protect your assets for the benefit of persons who cannot manage their personal finances
- Deflect possible will contests or claims by disgruntled heirs
- Anticipate problem assets and provide for their disposition
- Plan for the future of your business
- Provide for loved ones who are not related by blood or marriage
Creating an estate plan tells your loved ones that you have thought about what you want and made a plan to carry out your wishes. Their job now is to simply follow your plan.