Estate planning is protecting and providing for yourself, your family and your assets in the event of your death or incapacity. This is done through several documents- Wills, Trusts, Advance Healthcare Directives and Durable Powers of Attorney, just to name a few. If you have minor children, it is necessary for you to nominate a guardian for your child should you pass away, and authorize an individual to make healthcare decisions for your child in your absence.
A Will and a Trust allow you to appoint individuals, known as executors and trustees, that will be able to manage and access your assets to provide for your care if you become unable to do so yourself and distribute your assets to your named beneficiaries upon your death. The value of your assets will determine which documents you need. Creating your estate plan during your lifetime will save yourself and your family from unnecessary court and attorney’s fees and will give you an avenue to discuss your wishes with your family members.