Estate Planning

There are several reasons why one should make adequate estate plans. First, proper estate planning can provide for the orderly distribution of one's assets upon death. This can be achieved through a variety of means, including a Last Will and Testament, Joint Ownership Arrangements, Trusts, Lifetime Gifts, or a combination of these. These same documents can also achieve other goals including preserving assets by providing tax relief; avoiding the lengthy court process of "probating an estate"; providing for the guardianship of minor children; and providing for the handling of funds for minor children.

Probate and Living Wills

Additionally, estate planning encompasses the planning for incapacity. Expressing your wishes regarding health care decisions and who should make them, as well as who should make financial decisions for your in the event you become incapacitated is imperative to do while you are competent to make these decisions. Relevant documents to express these wishes include the Health Care Proxy, Advance Health Care Directives ("living will"), and the Durable Power of Attorney. Without these documents, a court would have to decide who gets to make these sensitive decisions in lengthy and costly guardianship and conservator ship proceedings.