ESTATE PLANNING & WEALTH TRANSFER
When most people hear "estate planning" they think that only the uber wealthy need it. Everyone needs it! Estate planning is the preparation to manage your personal and financial affairs in the event of incapacitation or death. If you've ever named someone a beneficiary, that is one of the many tasks involved with estate planning.
Some of the more common tasks are:
Creating a will
Creating "revocable" trust to facilitate the transfer of assets and to avoid probate
Establishing a guardian for your living dependents
Naming an executor(s) and/or trustee to oversee the terms of your will and/or trust(s).
Creating/updating beneficiaries on plans such as life insurance, IRAs and other retirement accounts
Creating a durable power of attorney
Establishing a Power of Attorney for Healthcare/Healthcare Directives
Estate planning is critical for any person over the age of 18. It is an ongoing process that should be periodically reviewed, especially with major events such as children, grandchildren, marriage, divorce, inheritance or death.
Click Here for an overview of the key concepts.
Estate planning documents your College Age Child Needs.