Your estate consists of everything you own. Estate planning is making decisions, in advance, for what happens to the assets you leave behind. One primary estate planning goal is the prevention of dying "intestate" which means without having created a will. A will (along with an optional trust) provides instructions for passing your estate on to your heirs.
Major issues can arise by not considering how probate, creditors, con-artists, lawsuits, judgments, lawyers, and estate taxes can reduce the value of your estate. Plus, your property may transfer to unintended heirs in unintended ways.
Minimally you should have:
1. Powers of Attorney
2. Advanced Medical Directives
3. Last Will and Testaments
Advanced estate planning may involve a trust which can help avoid probate, reduce estate taxes, and allow you to provide specific directions for what happens to your assets, not just upon death as a will provides, but long after.
Gladwyn Financial Advisors works as a team with estate planning attorneys to ensure that your estate is being properly managed.