1. What is Estate Planning?
Estate planning is a lifelong process by which a person makes legal arrangements to most efficiently and effectively manage and transfer property both during life and after death according to your goals. Estate planning also involves the minimization of taxes, providing for care and property management during periods of incapacity and providing for the custodial care of any minor or adult dependent children.
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2. What happens if I don't do any estate planning?
Everybody has an estate plan -- it is either created by you or it is created for you by the state you live in. Dying without a Will is known as dying "intestate". You need to create your own estate plan if you care about how your property is handled and disposed of after your death, or during periods of incapacity.
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3. Is estate planning mostly just about reducing taxes?
No. In fact, for most people taxes are lower on the list of concerns. Even for those with estates large enough to be subject to estate tax, minimization of tax should be coordinated to fit with your other non-tax goals and should never be the tail that wags the dog.
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4. Do I still need an estate plan if my property is owned jointly?
Yes. While joint tenancy can be part of a good estate plan in some situations, it does not provide for all situations and contingencies, including what happens after the death of the surviving joint tenant.
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5. Do I have to leave my property equally among all of my children?
No. Sometimes there are important reasons to treat children, or other beneficiaries differently within your estate plan. Equal shares are not always "equal". Children may have different financial or special needs that call for different treatment. Your property is yours to dispose, and with very few exceptions, may be disposed of exactly how you wish.
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6. What are the primary decisions that I need to make?
Who are your beneficiaries? This is not just "who and how much", but also when, how, in what form and under what terms and conditions. These are decisions that your estate planning attorney can help you to arrive at. Consideration should always be given to contingent beneficiaries should any primary beneficiary predecease you. Who are your fiduciaries? The person(s) or entity that you designate to serve as executor(s), trustee(s), agent(s) and guardian(s). Alternates and successors should be specified whenever possible.
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7. What aspects does every good estate plan include?
Custom-drafted Will(s), and sometimes, Living Trust's; State-specific Powers of Attorney for Health Care and Property; Proper asset ownership, beneficiary designations and trust funding; and Estate tax planning, when appropriate.
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8. What information does an estate planning attorney need to help me plan my estate?
To begin with, an estate planning attorney is going to need basic information and data on you, your family, your beneficiaries, your assets and your desired fiduciaries. The attorney collects this basic information on our confidential estate planning information form.
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9. Do I need an attorney to plan my estate?
A qualified estate planning attorney can help ensure that your estate plan is structured and implemented according to your unique wishes and needs in the most efficient and effective manner possible. Do-it-yourself estate planning all too often results in costly and embittered litigation for families, unnecessary delay and tax inefficient property transfer.
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10. Does every attorney do estate planning?
No. Estate planning has become highly specialized over the years with the increasing number of local, state and federal tax laws and regulations, estate and trust laws and statutes, property, agency and contract laws. Attorneys that concentrate in planning and administering estates and trusts are usually best able to help you and your beneficiaries through this challenging and important process.
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