Estate planning is the process of designating who will receive your assets and handle your responsibilities after your death or during your incapacitation. Overall, it provides you with much more control regarding your wishes for yourself, your loved ones, and your assets in times of uncertainty and inevitability.
This usually consists of a first meeting to discuss your assets and your estate planning goals. We will also discuss and decide all aspects of your estate plan.
Following our initial meeting, we will draft your comprehensive plan. Through subsequent meetings or communications, we will review the drafts of your plan to make any changes.
To be legally valid, your estate plan must be notarized and signed by witnesses, based on the document. After you have approved a final draft of your estate plan, we will set up a signing meeting to execute all the documents. You will receive your estate plan in a complete binder as well as a digital copy. We will also discuss funding of your trust, i.e., the process for creating trust ownership over your assets, as well as any of your remaining questions.
As life changes, we want to make sure that your plan is updated and current. There are also changes in the law that could necessitate an update your estate plan. We are always happy to connect with you in subsequent years to make any updates.
What Is the Goal of Estate Planning?
Common goals of estate planning include:
Avoiding probate
Transferring your assets to who you want, when you want, and how you want
Minimizing taxes
Minimizing administrative costs
Fulfilling healthcare decisions during times of incapacity
Charitable wishes
Estate Planning Process
We customize our estate planning process for every client, but generally speaking, you can anticipate following this basic framework:
Initial estate planning session
Creation of an estate plan
Signing the estate plan
Maintaining and reviewing the estate plan regularly
