What is Estate Planning and Why is it Important?

Traditionally, estate planning has been about planning for retirement, building assets and making sure that upon your death your assets go to your beneficiaries.

But let’s add some real-life concerns for estate planning: putting financial and medical safeguards in place for your old age, avoiding guardianship, minimizing taxes, simplifying your life, compiling important information in one place and educating your designated agents - usually family members and friends.

So, estate planning starts out being All About You and, if you do it properly, ends up being All About Everyone Else – your family, beneficiaries, agents, doctors, trustee and probate court judge. That’s ultimately what estate planning is – you signing the necessary documents to instruct everyone else about what to do.

What are the basic documents that everyone should have?

• For disposing of your property after your death – a Last Will & Testament

• For handling medical issues during your life – a Medical Power of Attorney, a HIPPA release and a Directive to Physicians

• For handling property issues during your life – a Durable Financial Power of Attorney 
• For handling a what-if scenario – a Declaration of Guardian in the event of Later Incapacity or Need of a Guardian
• For estates involving out-of-state real property, second marriages, estate tax issues, special needs beneficiaries, litigious relatives or other specific issues– a Trust

Given the above, you really want to do your own estate planning because if you don’t, then the lack of planning will be filled with the default law of your state and everyone else’s wishes. In other words, you will lose control of your life, your death and your property. With proper planning, you can protect yourself and your loved ones when you die or become unable to make decisions for yourself.

*Please note the information provided here is not legal advice and all information provided is merely for discussion purposes. Do not hesitate to reach out to Kaliser & Associates PC with any questions or comments at team@kaliserlaw.com