Estate planning is the process of arranging and planning your succession and financial affairs. Estate planning services ensures the management of your estate during and beyond your lifetime and plan your legacy. Your “estate” is an inclusive of all property owned by you at the time of your uncertain death.
Why is estate planning an important part of a comprehensive financial plan?
By having an estate plan in place, you will help your beneficiaries avoid difficulties and disagreements because you can: stipulate the amount of ownership and control each of your beneficiaries has over your assets. reduce the tax payable on the income and capital gains earned on assets, and.
What is the difference between a financial advisor and an estate planner?
The key distinction is that estate planning is typically directed by an estate planning attorney rather than a financial planner. A financial planner works with her client to make decisions about present assets to hopefully grant greater financial freedom and meet personal/business future financial goals.
What does it mean to have an estate plan?
Many people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs upon your death.
What should be included in a trust-based estate plan?
Trust-Based Estate Planning. If your current family and/or financial situations warrant the need for a more sophisticated estate plan, then your foundational estate plan will include the following five important legal documents: Pour Over Will. Revocable Living Trust. Advance Medical Directive. Living Will. Financial Power of Attorney.
What are the essential documents for estate planning?
Essential Estate Planning Documents. 1 Will-Based Estate Planning. If your current family and financial situations do not warrant the need for a revocable living trust, then your 2 Trust-Based Estate Planning. 3 Last Will and Testament With a Pour Over Will. 4 Revocable Living Trust. 5 Advance Medical Directive.
