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Estate planning describes the process by which people arrange their assets in a way that accomplishes their individual goals and desires. An estate plan works to achieve what an individual wants and needs during his lifetime and continues after his death to carry out his wishes.
A proper and adequate estate plan should allow you to control and manage your property while you are alive and well, take care of you and your loved ones if you become disabled, and when you die allow your property to pass to those you want, when you want, and in the way you want, while saving as many tax dollars, court costs and professional fees as possible.
To begin with you need to understand exactly what an estate is. An estate consists of all the property that a person owns or controls, whether held solely or in some joint manner, and all other money or wealth that would be generated upon someone’s death. Estates include:
- Real estate
- Annuities
- Personal property
- Retirement accounts
- Business interests
- Debts owed to others
- Life insurance
- Claims you have against others
When should an estate plan be started?
The only time an estate plan can be made is while you are alive and have legal capacity to make decisions. If you are in a condition where you are unable to mange your own affairs or have some disability that affects your legal capacity, you will have difficulty making an estate plan. Other questions we are frequently asked include the following:
- What is a will?
- Who needs a will?
- What is power of attorney?
- What is health care power of attorney?
- What is a living will?
- What is a trust?
For answers to these questions and more you can confidently rely on our experienced estate and probate team of attorneys and legal staff. For more advanced planning there are several other ways to control the tax consequences of someone's death. A cornerstone of Tuesley Hall Konopa’s practice is helping clients to protect and preserve assets through estate planning and the administration of estates.
Contact the experienced, knowledgeable and professional attorneys at Tuesley Hall Konopa for a free initial consultation to plan for your future and that of your family.
