Who can benefit from an estate plan?
Almost everyone can benefit from a carefully prepared estate plan. When you create an estate plan, you are putting in place a set of personalized legal arrangements covering some of the most important things in your life: your children, your spouse, your health and your property.
A properly drafted estate plan can:
- Provide a flexible, needs-based financial support system for your children and spouse, while minimizing estate tax liability and ensuring that your property is distributed according to your desires.
- Avoid the long, costly, open-to-the public process of probating your will and estate property in probate court.
- Appoint the people you want to be in charge of your property, health, estate administration and minor children.
- Make your wishes known in an authoritative way so that your loved ones will honor your choices regarding health care, medical treatment, property management and lifestyle if you are no longer able to make decisions in these areas.
- Provide for the efficient, private transfer of your property to your intended beneficiaries after your death.