Estate planning is used to manage a person’s assets if they have passed on or become incapacitated. Estate planning can be used to take care of funeral arrangements and usually includes how the assets will be distributed and the settlement of estate taxes. Most estate planning is arranged and set up with the assistance of an estate planning attorney. Estate planning includes such tasks as creating a will, deciding who will be the executor of the estate and who will oversee the requests made in the will, setting up trust accounts, and establishing a guardian for living dependents. For other assets and investments, estate planning is used to set up a durable power of attorney.
As you can see, estate planning can be a complicated matter and should always be started well in advance to ensure all your wishes are fulfilled. Inadequate estate planning can cause undue financial burdens and other issues for your loved ones. Don’t wait. If you need assistance with estate planning, call us now.