Estate Planning

AIn simple terms, estate planning is the process by which you organize your estate and assets in the event of your incapacity or death. A proper estate plan can help to minimize taxes, and preserve assets for your loves ones upon your passing.

AYes. There is a common misconception that you have to be “wealthy” before you need an estate plan. That is not the case. Whether your estate is large or small, you and your family should have certain legal documents in place to ensure that you and your assets are protected. These documents, depending on your circumstances, may include: A trust, will, durable power of attorney for finances, and an advanced healthcare directive.

If you are a homeowner, you should consider establishing a trust to protect your home from probate upon your passing. Probate can be a long and expensive process, and is often very trying on the loved ones left behind. Titling a home into trust is a common practice in proper estate planning. It ensures that the property will avoid probate court, and be distributed according to the wishes of the deceased.

Sometimes you will hear of owners placing their family or adult children on title as “joint tenants” to protect the property from probate upon the owners passing. However, this can often have adverse tax and legal implications. You should consult with an attorney before making any changes to title on a property.