What Is Estate Planning?
Estate planning is the process of setting up legally-effective arrangements to ensure that your property is distributed or managed according to your wishes. Effective estate planning can also include provisions to ensure your health care wishes are honored and your loved ones are cared for during your life and thereafter.
Your estate consists of all the property you own or control including — but not limited to — real estate, personal property such as jewelry; automobiles; furniture; art; cash; savings and investment accounts; and life insurance.
Estate planning allows you to select those trusted individuals you want to care for any minor or disabled children; to manage or distribute your property; and to handle your financial or health care matters in the event of your disability or incapacity. Effective estate planning can protect assets for your descendants, avoid probate, and minimize taxes and fees.
Common elements of an estate plan include a will, trust, durable power of attorney, medical health care proxy, and a living will. The only time you can prepare your plan is while you are alive and have legal capacity.
Estate planning is an ongoing process impacted by changes in your circumstances as well as the law. It is never too early to think about or prepare an estate plan. Let Kellem & Kellem, LLC help you evaluate your estate and plan for the future.