What is estate planning?
Estate planning is a process to consider alternatives for, to think
through, and to set up legally effective arrangements that would
meet your specific wishes if something happens to you or those you
care about. Good estate planning is more than just a simple Will.
Estate planning also typically minimizes potential taxes and fees,
and sets up contingency planning to make sure your wishes regarding
health care treatment are followed.
On the financial side, a good estate plan coordinates what would
happen with your home, your investments, your business, your life
insurance, your employee benefits (such as a 401K plan), and other
property in the event you became disabled or if you die.
On the personal side, a good estate plan includes directions to
carry out your wishes regarding health care matters, so that if
you ever are unable to give the directions yourself, someone you
select would do that for you, and know when you would want them
to authorize heroic measures and when you would prefer they pull
the plug.
