August 03, 2018
Estate Planning is the process of arranging, while you are alive, for the management and distribution of your assets after your death, among other things. We have discussed where to start with estate planning, but you may not be sure what is beyond that.
What is involved in estate planning?
To learn what is involved in estate planning, you need to focus on a couple of things:
- Prepare a Last Will and Testament
- Determine whether you need a Trust
- Plan for the possibility of Incapacity
- Consider minimizing estate, gift, income, and other types of taxes
- Contemplate whether avoiding probate altogether is beneficial
- Think about who might be a Guardian for your Minor Children.
Estate planning doesn't have to be complicated. Working with an experienced estate planning attorney would be a great start.
To learn more about estate planning, consider purchasing my book, Estate Planning for the Modern Family. Here is an excerpt from the first chapter:
Everyone has an estate. Your estate includes all the things you own whether you know you own it or not. Your home, your car, your bank accounts. It also includes things like the photos on your Facebook account and your digital music collection. You probably have some idea where you want your assets to go and when they are to go there, but good estate planning involves much more than leaving a detailed list of instructions related to your passing.
Good estate planning allows you to:
- Pass on your assets and properties to the people you want, rather than having the court decide that for you
- Appoint guardians for minor children so that you know they are in the right hands
- Prevent confusion and disputes among beneficiaries
- Provide for loved ones with special needs without interrupting their government benefits
- Provide for family members who may not be responsible with money and may need protection in the future with divorce or creditors
- Plan for disability or incapacity, including stating your preferences in end-of-life situations
- Decide how your businesses will be transferred if you are disabled or upon death
- Support a charity that you are passionate about with assets from your estate
- Continually adapt to personal, financial, and legal changes
- Reduce taxes, court fees, and legal expenses for your loved ones after you pass
An estate plan can not only preserve your lifetime's work, but also help ease the burden off of your family and minimize potential conflicts between your loved ones. Attaining peace of mind and reassurance for life's uncertainties is invaluable. Contact us at (678) 809-4922 for your free consultation.
John P. Farrell, Esq.
Mr. Farrell is the author of Estate Planning for the Modern Family: A Georgian's Guide to Wills, Trusts, and Powers of Attorney. You can learn about his book here and learn more about John here. Join the more than 1,500 people who subscribe to his Newsletter here. Feel free to send John a message here.
