What is Estate Planning?September 12, 2013
What is Estate Planning?
“Estate” is the legal term used to define your property and moneyâ€”basically, everything that belongs to you. Estate planning attorneys tell you different strategies you can use to transfer your belongings after you die. By planning your estate, you can maximize its value by minimizing taxes and eliminating court costs and interference. Estate planning attorneys also help you control and protect your estate during your lifetime, by writing documents that allow you to transfer property and money to children, charities, or others in a way you desire.
The basic tools used in estate planning include a Will also known as a Last Will and Testament, Trusts, when needed, Powers of Attorney for health care and financial needs, Advanced Healthcare Directives or what used to be called a Living Will and Beneficiary Deeds.
Powers of attorney for healthcare may help you avoid guardianship while financial powers of attorney may help you avoid conservatorship when you are incapacitated or become incompetent. An Advanced Healthcare Directive protects you from unwanted death prolonging medical procedures. Finally, a Beneficiary Deed helps you to avoid probate by transferring real estate upon your death. And Trusts are most often used with blended families or specifically to avoid estate tax consequences.
To learn more about estate planning, wills, and powers of attorney and how to avoid probate, in Lincoln, Pike, Warren and St. Charles Counties make an appointment today.