ESTATE PLANNING SERVICES
Estate planning refers to putting affairs in order to ensure valuable assets are protected in the event of a death. Estate planning is particularly important for individuals with minor children, as guardianship is established through a last will and testament.
Several estate planning strategies exist and will vary based on estate value, types of assets, and whether the estate will pass through probate or be protected by a trust. At minimum, individuals should execute a legal Will, healthcare proxy, and durable power of attorney.
Drafting a Last Will and Testament is not difficult, but does require careful thought. The Will can provide directives on funeral arrangements, guardianship, and distribution of inheritance property. It can also be used to disinherit direct lineage heirs.
Wills should be updated and changed over time. An estate administrator is designated within the Will. This person is often a spouse, adult child, family member, close friend, probate lawyer, or estate planner. Estate administrators must be at least 18 years old and never convicted of a felony. It is best to appoint someone who can make sound decisions under difficult circumstances and who is good with finances.