Estate Planning

estate planning wiki

Estate Planning is the process of arranging for management and care of

  • You
  • Your Family
  • Your Property
  • Your Money
  • Your Legal Affairs
  • Your Financial Affairs
  • Your Privacy
  • Your Family’s Privacy

during your lifetime and beyond.

It not only includes planning for passing property to your family and loved ones without the hassles of court but also includes planning for incapacity.

One of the major reasons people say they are planning is to avoid probate.  Probate is a long, emotional, expensive process that is overseen by a Judge and controlled by a combination of your Will and State Law.

During your lifetime, you make provisions in case of incapacity.  Those provisions take the form of the Durable Power of Attorney, Healthcare Power of Attorney, Protected Healthcare Information Release, and Advance Directive (Living Will), and Living Trusts.

After your lifetime, your Living Trusts becomes irrevocable and your instructions for the distribution of your assets are followed by your successor trustee.  If you don’t have a Living Trust then the instructions in your Will are carried out by your Executor/Executrix.  If you don’t have a Trust or a Will, then the State’s default plan, intestate succession, is followed under the guidance of a Judge by your Administrator/Administratrix.

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