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Estate Planning

“Estate Plan” is a term used to illustrate a strategy for transferring assets to family members and other beneficiaries after a person’s death. The size and complexity of the estate largely dictate the inclusion of wills, beneficiary forms, trusts, living wills, power of attorney, and life insurance policies. The goals of estate planning are the transfer of property with minimal or no tax liability. Individual wills enable spouses to maintain separately owned assets, such as an inheritance from a parent or property attained prior to marriage, separate from marital or community property. Instructions pertaining to the transfer of ownership of all assets should always be covered.

If you already have an estate plan, you should always review your plan at least once a year to ensure your plan matches your desires. If there has been a birth, death, marriage or divorce your plan may need adjustments.

HINT: Trusts are another tool to transfer property and may or may not be necessary for your plan.

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