Estate planning involves family, friends, advisors and assets. It also involves the various forms of ownership and title that those assets may take. Estate planning is not only done to avoid probate or to maximize federal estate tax savings, it also addresses future needs in case one ever becomes unable to care for oneself.
Through estate planning, incapacity planning is addressed. How assets will be managed during one’s lifetime, when and under what circumstances it makes sense to distribute them, how they will be distributed after death, and how health care decisions will be made if incapacity occurs will all be decided.
Estate planning can also involve financial, tax, medical and business planning. A will or trust is part of the planning process, but one will need other documents as well to fully address estate planning needs. If you desire to learn more about the preferred documents, please reach out to me.