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What is Estate Planning?

I don't think I need an Estate Plan...

What is Estate Planning?

Estate planning can be broken down into two key areas. First, and most importantly are the documents that designate who will act on your behalf if something happened and you were unable to make decisions. The second component of an estate plan deals with what happens to your assets and belongings when you are gone. The complete set of documents ensures that the people you trust can make decisions for you and that your wishes are carried out when you are gone. Almost all estate plans include a Last Will and Testament, Personal Property Memorandum, Durable Power of Attorney, Healthcare Power of Attorney, Living Will / Advanced Directive for Natural Death, Advanced Mental Health Instruction, HIPPPA Release, and the forms to register some of that with the Secretary of State. Many situations call for the use of a Revocable Living Trust. And there are a few situations that call for more complex planning with acute Medicaid planning, irrevocable asset protection trusts, etc. Part of your attorneys job is to help steer you into a plan that provides the appropriate level of protection for your situation without charging excessive fees.

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