Q1. What is Estate Planning?
Estate planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored, and that loved ones are provided for in their absence. Though often overlooked or put off in favor of more immediate concerns, a comprehensive estate plan can resolve a […]
Q2. What is an “Estate”?
Your “estate” consists of all property owned by you at the time of your death, including: Real estate Bank accounts Stocks and other securities, Life insurance policies, Personal property such as automobiles, jewelry, and artwork. Business Interests Retirement Accounts
Q3. How Can an Estate Plan Help?
Regardless of your age, or the size and complexity of your estate, an estate plan can accomplish the following: Identify the family members and other loved ones that you wish to receive your property after your death. Ensure that your property will be transferred to those you have identified, as quickly and with as few […]
Q4. How Can an Estate Plan Distribute My Property Quickly and Inexpensively?
A proper estate plan can help to keep the cost of transferring property to beneficiaries as low as possible. This may involve the formation of a trust, the re-titling of assets or correcting the beneficiary designation on certain assets. It also may involve the choosing of a competent administrator for your estate and giving him […]
Q5. What Additional Documents are Recommended?
It may be simply repeating the obvious, but it should be stressed that a Will is only effective in the event of death. A Will has absolutely no effect in the event that an individual is sick or injured to the point of incapacity. In such an event, it is wise to have the following […]
Q6. Durable Power of Attorney
This document is intended to allow another person, referred to as an attorney-in-fact, to make financial decisions and execute legal documents on your behalf. Typically, the attorney-in-fact acts when the principal is unable to act for one reason or another. The benefit of this document is that it can provide a simple and inexpensive alternative […]
Q7. Medical Power of Attorney
This document provides authorization to terminate life-prolonging procedures in the event that an individual is ever diagnosed with a terminal illness and his or her life is being artificially prolonged by a life support system. In such a situation, the attending physician and a second consulting physician would have to agree that an individual suffers […]