Estate Planning Made Simple

Estate planning is an ongoing process which
focuses on the proper registration of assets as
well as their disposition in a predetermined and coordinated manner for the benefit of both the owner and the beneficiaries.

There can be several goals within the scope
of estate planning to include reducing taxes, minimizing the probate costs, designating nominated guardians for minor children and preserving one's dignity in case of personal incapacity.

Available planning tools include:

wills
revocable and irrevocable trusts
beneficiary designations
powers of appointment
forms of property ownership
gifting
durable financial power of attorney
durable medical power of attorney

Estate planning is much more than simply having a will. For one thing,
a will does not avoid probate when you die and it must be verified by the probate court before it can be enforced.

Also, because a will can only go into effect after you die, it provides no protection if you become physically or mentally incapacitated.

Fortunately, there is a simple and proven alternative to a will and it's called the revocable living trust. It avoids probate and lets you keep control of your assets while you are living, as well as after you die.

Nevertheless, even after the effective application of wills and trusts, there is a distinct possibility that onerous taxes will unnecessarily erode your hard-earned estate.

In the following pages, we will explore the proper use of both wills and trusts and identify a simple method to alleviate the estate tax burden.

The word estate frequently leads people of average means to believe that estate planning is not something over which they should be concerned.

This simply is not the case.

While it could be true that estate taxes may not apply to the average estate, it would be foolish to ignore implementing planned, written instructions to ensure the timely passing of assets to pre-selected loved ones.

But, most important of all... it is only through proper and specific written instructions that your wishes are guaranteed to be implemented in the event of your incapacity.

Learn more about the importance of a valid Will, considered to be the basic estate planning tool.

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