Estate Planning Law Information

When most people hear the term, Estate Planning, they assume it is something that only concerns the wealthy. Estate planning, however, is a subject that concerns just about everyone. The word, 'estate' refers to more than the house one might live in, but includes all the property a person controls or has ownership of. Some examples of this are:

Real property, such as a house, building, farm, etc.

Personal property, such as cars, recreational vehicles, jewelry, stocks, bonds, collectibles, and other personal assets, including bank accounts

Businesses and any interests in those businesses

Pensions, IRAs, annuities, life insurance proceeds, 403(b)s, etc.

Debts and obligations attached to those debts

Effective estate planning takes time and forethought in order to be most effective, but when done properly it will prove to be well worth the time and effort. A good estate plan will serve several purposes. It will:

Set up a contingency plan to ensure that your wishes are followed if you should become disabled or die

Provide for a coordinated legal plan to be followed according to your wishes in the event of your demise

Provide directions for your wishes to be carried out in legal and personal matters regarding decisions about your health and welfare should you become disabled

Minimize potential taxes and fees regarding your estate

Inventorying your assets and setting up a trust

Choose the executor of your trust

Help to avoid probate procedures for your loved ones in the event of your death

Because estate planning involves so much more than just a will, it can save you costly taxes and other expenses your beneficiaries might otherwise have to incur as a result of failure to plan.

Probate, for example, cannot only be a financially costly process, but a lengthy one for your beneficiaries, as well. By planning ahead, you will save your loved ones this painful experience. A good estate plan prevents the courts from gaining jurisdiction over your estate, a benefit that even having a will in place does not have.

The best way to go about establishing an estate plan is to consult an estate planning attorney. While there are many resources on the web and in the bookstores, unless your estate is extremely simple, the fill-in-the-blank book forms may be too simplistic to stand up in court, so to speak. Find an estate planning attorney near you in the Internet Lawyer Directory.