Estate planning can be a complex process, yet is an inevitable fact of life in order to ensure one’s wishes are met in their absence. Estate planning is the best way to ensure your survivors have an easy way to follow your wishes and take care of your property, makes sure it goes to the right places in the easiest manner possible. The plan itself often includes the creation of wills and trusts, establishing the power of attorney and can even include nursing home planning. According to the website of Peck Ritchey, LLC, every case varies and can be more or less complex.
Essentially, estate planning determines the state of financial affairs, who gets what, what the client’s final wishes are and will ensure they are respected. The estate itself can consist of many different aspects, including real estate, stocks, trusts, bank accounts and personal property. The whole process will ensure a quick transfer of property and an efficient way to handle affairs.
After hiring an attorney to help navigate through the process, they will help write a will, which outlines what goes where and to whom. In the will, typically included is an executor of the will, or the person who will be left responsible for executing the final wishes outlined in the will, as well as designate guardians for young children. Writing a will with the help of legal counsel can also help minimize estate taxes left for loved ones after passing. A comprehensive estate plan will also help articulate decisions on final health care requests and sometimes funeral arrangements.