Estate Planning

What is an Estate Planning/Trust?

Estate Planning is simply the process of making it clearly known how you want your estate to be handled after you pass or if you’re incapacitated and unable to handle things on your own. The most common Estate Planning definition is — "the process of making plans for the management and transfer of your estate after your death, using a Will, Trust, insurance policies and/or other devices." Estate Planning has been around for many years, but it’s becoming increasingly more and more common. 

Estate Planning is important for many reasons. Perhaps the biggest benefit is if you don’t properly prepare for what should happen in the future while you’re sound and capable, you’ll have no say in how your estate is handled or what your loved ones receive when that time comes. Planning today ensures your tomorrow is exactly as you envision it.

A properly prepared Estate Plan will lay out your wishes exactly, in the most tax-advantage manner, so you can trust there won’t be any questions, misunderstandings or misconceptions about what you want. It also involves setting up a plan that establishes who will eventually receive your assets. It also makes known how you want your affairs to be handled in the event you are unable to handle them on your own for any reason. It’s a complicated process, and it can definitely feel overwhelming. There are many components to Estate Planning, and while there’s a common misconception that it’s just about your finances, the truth is there’s a lot more to it.

There’s no denying that Estate Planning/Trust can seem like it’s a daunting chore, but it’s something we all need to face.

At Asset Preservation, we help you plan the last part of your Retirement, safely and soundly. We work directly with an Elder Law firm, and that is their expertise! We can get you a referral for a review if you have an Estate Plan/Trust, or help you prepare one for your peace of mind.