Who needs estate planning?

Planning can minimize expenses, preserve assets, avoid conflict and reduce taxes after your death. Regardless of the size of your estate, you should first consider what will happen to you upon your death or incapacity.

• Who will make decisions for you if you become unable to do so?
• Who will inherit your assets after your death?
• Who will manage your assets?
• Will a probate of your estate be required?

Planning may or may not be required to implement what you want to happen. Larger estates or difficult family situations usually require planning but it depends on your circumstances. Some smaller estates can pass outside of probate by creating “trustee” or pay on death (POD) accounts or by naming beneficiaries to all retirement assets. Usually, executing a basic Will and powers of attorneys, etc. is still a good idea to insure that your wishes are followed if you become incapacitated and because assets can change. If you own titled assets that do not pass outside of probate and want your beneficiaries to avoid probate at your death or incapacity, a living trust is usually ideal: they won’t have to deal with the courts upon your incapacity or death.

If you do not have a plan, the law determines who handles your assets and personal care and, if you do not have a Will, the law of intestacy determines which beneficiaries receive your assets except for assets pass outside of probate and your wishes are not considered.

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