Estate Planning Is More Than A “Will”
Estate planning is a comprehensive process where you establish how you want your assets to pass at your death. It also addresses the management of your assets and your care if you become incapacitated. Such planning helps clients of all asset levels. When many people think of estate planning, they generally believe they only need a “Will,” often expressed to us as a “Simple Will.” In comprehensive estate planning, the Will is just a small part of the total plan. The core estate planning documents generally include a Will, a Trust (often referred to as a “Living Trust”), Power of Attorney, and Advance Medical Directive, which encompasses both a Living Will and Health Care Power of Attorney. However, the planning process is more than just preparing certain legal documents. It is a comprehensive overview of the family and asset planning objectives in order to coordinate the titling of assets to flow with the plan, and avoid probate to the extent possible or desirable. Clients’ assets, goals, and desires are different, and it is important to work with a firm that can help you achieve those goals. There is no such thing as a cookie cutter estate plan.