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Estate Planning consists of the anticipation and different arrangements through legal documents for a person’s property and assets to be managed, distributed, split and gifted upon the person’s death or upon a certain event, such as an incapacity to make sound decisions. Usually, Estate planning will be used to make decisions in advance in case you become incapacitated or unable to express your will but it can also serve to legally and lawfully reduce your estate taxes and other estate expenses. The process of planning in advance the way your assets will be distributed upon your death requires the help of a highly experienced attorney in Elder Law. The attorney you will chose to draft your Estate Planning documents will help you determine what constitutes your assets and property, the way you want to distribute them, who you would like to distribute your assets to and how to achieve your personal objectives estate-wise.
Estate Planning can be implemented through various means: You may want to have a Last Will and Testament drafted for you to set the way your property will be distributed and to whom it will be distributed. You also may ask for a Trust to be set for you in order to achieve specific purposes such as distribute funds for the benefit of your minor children or disabled loved ones in case you would pass. Additionally, estate planning can be done through the drafting of documents giving authority to a nominated person to make certain decisions for you, in case you would no longer be able to: For example, an attorney can prepare a Power of Attorney or Healthcare proxy for you.
The purpose of estate planning is to tailor your legal documents and tools to your specific and individual needs in order to get the best from your Estate upon your death or incapacity.
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