No matter what your age, financial wealth, marital status or family structure, a well-considered estate plan is an essential tool to the orderly management and distribution of your estate upon death or incapacity. Estate planning may help you (a) protect your assets from unnecessary administrative and tax costs; (b) appoint particular individuals to act on your behalf in the event you are unable to act yourself; and (c) manage and distribute assets after death. A sound estate plan can ease the orderly administration and distribution of your estate in many ways, among them:
- Distribution of assets to beneficiaries of your choosing, rather than according to a statutory scheme;
- Designation of guardians for minor children by your directive, rather than by court proceeding;
- Appointment of executors and trustees according to your wishes who will have the power to manage all of your business affairs;
- Management and protection of assets for the benefit of your children until they attain the age you determine is appropriate for outright distribution to them;
- Avoidance of conflicts among family members;
- Reduction or elimination of estate taxes;
- Streamlined distribution of assets to avoid the costs and delays associated with probate; and
- Establishment of instructions regarding health care treatments in the event of incapacity.
Estate planning for many people is a task they intend in good faith to attend to but lose track of doing in the hustle and bustle of every day life. I urge everyone to take the time to put your affairs in order. None of us likes to think of the possibility of accident or serious illness, but as we all know, life is very uncertain, and having an orderly estate plan in place is a gift to the loved ones you leave behind.
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