Estate Planning

---

Estate planning involves arranging the management and distribution of your assets after death or during incapacity.

Yes, a will is crucial for specifying how your assets should be distributed and who will manage your estate after you pass.

A will takes effect after death, while a living trust allows you to transfer assets during your lifetime and manage them if you become incapacitated.

If you die without a will, your assets will be distributed according to state laws (intestate succession), which may not reflect your wishes.

Probate is the legal process of validating a will, paying off debts, and distributing assets to beneficiaries.

Yes, with strategies like setting up a living trust, joint ownership of property, and naming beneficiaries, you can avoid or minimize probate.

A power of attorney is a legal document that grants someone the authority to act on your behalf in financial or medical matters if you become incapacitated.

A living will specifies your wishes regarding medical treatment if you are unable to communicate, such as whether you want life-sustaining procedures.

Yes, estate planning is important even for modest estates, especially for healthcare decisions and avoiding probate.

Strategies such as gifting assets, setting up trusts, and making charitable donations can help reduce estate taxes.

An executor is the person responsible for managing the deceased's estate, ensuring debts are paid, and distributing assets according to the will.

You should update your estate plan after major life events like marriage, divorce, having children, or acquiring significant assets.

Yes, you can amend your will at any time through a document called a codicil or by creating a new will.

Beneficiary designations specify who will receive certain assets (like life insurance policies or retirement accounts) outside of your will.

A healthcare directive outlines your wishes for medical care if you’re unable to communicate them yourself.

Debts must be paid out of your estate before assets are distributed to beneficiaries.

Yes, you can specifically exclude someone from inheriting in your will, though certain states protect spouses and minor children from total disinheritance.

A trust is a legal arrangement where one party (the trustee) manages assets on behalf of another (the beneficiary), either during your life or after your death.

While it's possible to create basic estate planning documents on your own, an attorney can ensure they are legally sound and meet your specific needs.

A revocable trust can be altered or revoked during your lifetime, while an irrevocable trust cannot be changed once it's established.