Estate Planning
Estate Planning
Estate planning is the process of arranging for the management and distribution of your assets after your death. It involves making decisions about how your assets will be distributed, who will manage your affairs if you become incapacitated, and how your healthcare decisions will be made if you are unable to make them yourself.
Key aspects of estate planning include:
- Will: A legal document that outlines how your assets will be distributed after your death. It can also designate guardians for minor children and specify other wishes you may have.
- Trust: A legal arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be used to manage assets during your lifetime and after your death, and they can provide for the distribution of assets without the need for probate.
- Power of Attorney: A legal document that designates someone to make financial or healthcare decisions on your behalf if you become unable to do so.
- Healthcare Directive: A document that specifies your wishes for medical treatment if you become unable to communicate them yourself. It can also designate someone to make healthcare decisions for you.
- Beneficiary Designations: Ensuring that your assets with designated beneficiaries, such as life insurance policies and retirement accounts, are up to date and reflect your current wishes.
Estate planning is important for ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of after your death. It can also help minimize estate taxes and avoid probate, which can be time-consuming and expensive. Working with Oakwell PWM and your estate attorney can help you craft a plan that meets your specific needs and wishes.
