Estate Planning

The term “estate” is commonly used to mean the quantity, nature and extent of an interest that a person has in property.  Property can be further divided into many categories but the two most common categories, are the real estate and the personal estate.  In other words, the word “estate” is used to mean the property that a person holds.

“Estate Planning” has come to mean the method by which a person’s estate is preserved.  Aspects of estate planning are estate administration, estate taxation, the preparation of documents which give instruction and direction to the distribution of an estate, and the advice and guidance that estate planners give to assist a person in the orderly and efficient transfer of assets.

One aspect of estate planning that is commonly known is the preparation of Wills, Trusts, Powers of Attorney, Advanced Medical Directives and Health Care Powers of Attorney.  The estate planner should carefully examine the nature of the client’s estate, analyze the likely consequences of taxation, and assist the client in the orderly transfer of assets with maximum efficiency and minimum cost.  The estate planner uses a variety of tools in this process, including Revocable Living Trusts, Wills, General Durable Powers of Attorney, Living Wills, Advanced Medical Directives, Health Care Powers of Attorney, and estate tax analysis.

We are thoroughly familiar with the statutory process by which assets are transferred. This includes estate administration, both intestate (without a will) and testate administration, operation and taxation of instruments executed during life such as Revocable Living Trusts and Irrevocable Trusts, and the processing of estates after death.   It is not only important to prepare the proper instruments that assist the client in the efficient transfer of assets, but it is also important for the estate planner to be familiar with the actual management and operation of estates through the probate system and through the statutory process of intestate administration.

Estate planning involves an overall approach in which the estate planner assists the client in the important goal of transferring assets with a minimum of expense and a maximum of efficiency, while meeting the specific needs, interests, and goals of the client.