Estate planning is a process that allows you to maintain control over your personal matters and assets during your lifetime as well as after you pass away. If you fail to undergo proper estate planning, you not only lose control over important decisions, but your estate administration may become a complicated and expensive burden on your surviving loved ones (which could have been prevented).
With proper estate planning documents, you can make important decisions which impact you during life, such as: 1) documenting your intentions; 2) transferring assets to the people and entities in the manner you choose; 3) naming your preferred guardian for your minor children; 4) appointing someone to make medical decisions (if you are unable to do so); and/or 5) appointing someone to make financial decisions (if you are unable to do so).
Some of the important decisions you can make that may impact your family’s financial well-being upon your passing include: 1) transferring assets to intended beneficiaries via trust vehicles; 2) providing charitable gifts to organizations; 3) avoiding legal and financial complications; 4) eliminating the delays and publicity of a Will-directed estate plan; and/or 5) transferring business interests according to a thoughtful succession plan.
Most important of all, making these crucial decisions now will provide you and your loved ones with peace of mind. Take the time to properly care for yourself and your loved ones by developing a comprehensive estate plan (for your life as well as your death) with an experienced estate planning and elder law attorney.