What is Estate Planning?
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate the uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.
Estate Planning Tools
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership, tenancy in common, tenancy by the entirety, gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney.
Many people confuse a living will with a durable medical power of attorney. A living will sets out directives concerning end of life decisions, whereas a durable power of attorney gives all medical decision making authority to an appointed individual upon incapacity, including end of life decisions. Some people have both a living will and a health care power of attorney.
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