ESTATE PLANNING

Estate Planning means getting your affairs in order before the inevitable occurs. Proper estate planning allows for the management of your affairs if you are unable to do so, the raising of your minor children by people you know and trust, creditor protection for your beneficiaries and distribution of your estate with minimum aggravation and expense. Since no two situations are ever the same, each estate plan must be tailored to your specific needs.

To make your estate planning experience as pleasant as possible, follow these steps:

• Choose your estate planning team. Your estate planning team should include your attorney, and if appropriate, your accountant, financial planner, life insurance agent, trust officer, and the representative of your favorite charity. The members of your team can then work closely together to preserve your estate and pass it on to your beneficiaries with minimal aggravation and expense. 

• Determine your goals and objectives and gather the necessary information. Make copies of all relevant legal documents such as wills, trusts, powers of attorney, deeds to real estate, beneficiary designations under retirement plans and insurance policies, and other documents showing the ownership of your estate. 

• Prepare a list of who should receive your property, be guardian of your minor children and act as a fiduciary on your behalf. This list should include your agent (the person acting on your behalf under your power of attorney), your trustee (the person administering your trust), your executor (the person who will administer your will) and the guardian of your minor children. Make sure you have successors for each person in case your first choice is unable to act.

• Contact your attorney and if appropriate, the other members of your estate planning team and chose the proper plan to suit your needs.