Estate planning is the process of anticipating and arranging for the distribution of the assets in your estate at your death.
In your estate plan you will name who gets what from your estate and when they will get it. Estate planning is intended to reduce or eliminate confusion and uncertainties with the distribution of your estate. Estate planning is intended to maximize the value of your estate by reducing the costs involved with resolving your estate and by seeking to reduce taxes that may be owed to the government.
What Does Your Estate Include?
Your “estate” includes all property that you own at the time of your death, including:
- Real estate
- Cash (bank accounts), stocks, and other securities
- Personal property such as automobiles, collectibles, artwork, and jewelry.
Estate Planning and Wills
Estate planning, for most, involve the preparation of a trust or a will. Many people benefit from having a living trust as opposed to just having a will. We are happy to discuss with you which one would be best for you.
- A revocable trust, sometimes called a living trust or an inter-vivos trust, will allow you to transfer title of your real estate into your trust and then avoid expensive and time-consuming probate. Distribution of your assets will take place according to the terms of the trust.
- If you make a will then it will include instructions about how your assets will be distributed to your heirs. If you have a will then your estate will most likely need to go through a court-supervised process called probate in order for your assets to be distributed to your heirs.