Estate Planning

Estate PlanningEstate planning can be defined as a procedure where an individual or family arranges for their assets to be transferred in case of their demise. An estate plan is intended to keep the largest amount of wealth possible for the deceased’s beneficiaries. It also ensures flexibility for the person when they’re still alive.

There are several important things that one needs to know about estate planning. These include the importance of a will as well as assigning a power of attorney.

Irrespective of one’s net worth, it’s crucial to have a simple estate plan drawn up. This kind of strategy is helpful in ensuring that one’s kin and financial goals are satisfied once they’re no longer around.

An estate strategy is comprised of several parts. These include:
Assignment of power of attorney, a health care proxy or a will. For most people, a trust could also be a viable option. When coming up with a strategy, one needs to adhere to both state and national laws that govern the transfer of property.

An estate is defined as all the property, both person and real, that’s owned by an individual, before submission either via a trust or a will. Real property is real estate while private property comprises of other things such as household items, lender accounts and vehicles. Estate planning distributes all such properties, both personal and real, to the beneficiaries.

People typically dispose their assets using wills and trusts. Unlike wills, trusts possess the distinct advantage of avoiding probate. This is a long, expensive legal procedure which is meant to manage the exchange and transfer of resources and gifts. However, it would be advisable to occasionally create inter vivo presents (those that are created when the donor is still alive) for the purposes of reducing the tax bill.

We can provide assistance on:

  • Preparation of a Will and Estate plan, including establishing trusts
  • Administration of the estate and executive duties
  • Living wills and enduring powers of attorney
  • Leaving charitable legacies
  • Personal insurance covers
  • Succession planning for Business entities

Estate planning is quite complicated and is subject to laws that constantly change. Contact Persoon Financial Estate Planning for more information on estate services at (602) 497-0089.