Estate planning is more than simply preparing documents. Estate planning is about accomplishing your goals. These goals often include:

Asset protection

Planning for illness or incapacitation

Avoidance of probate

Protecting beneficiaries and children

Minimization of taxes

Gifting of assets

Paying medical and long-term care bills

At a minimum, everyone should have a will. The will instructs your executor who should inherit your assets. If you have children, a will lets the world know who should be the guardian of your children. Dying without a will (called dying “intestate”) can be very costly. Without a will, you will have no say in who will care for your children, or how assets are to be distributed.

Another important estate planning tool is a trust. Many people believe trusts are only for wealthy people or those with special needs. This is not accurate. Trusts can accomplish many goals for people of all levels of wealth. A properly prepared trust can help you avoid probate, can legally minimize estate taxes, and can help shield your assets from creditors. Further, a trust can give you a say in how your affairs will be managed in the event you are incapacitated or become incompetent.

Other estate planning documents a person should also consider are powers of attorney for property and for health care. Powers of attorney allows you to appoint a trusted person to manage your financial and health affairs in the event you are unable to do so. In addition, you may want to consider a living will that makes known your desires in the event life-prolonging medical treatments are required.

While the documents described above a commonly used for many people, there are other documents you may want to consider to achieve your estate planning goals. There are numerous considerations and factors in determining which estate plan is right for you. Bielski Chapman, Ltd. works with you in providing the following services:

Preparing trusts

Preparing wills

Preparing powers of attorney

Preparing advance medical directives

Special needs planning

Estate tax return preparation

Special needs planning

Business succession planning

Please contact Bielski Chapman, Ltd. for a free consultation regarding estate planning today.