Death and infirmity are not topics that are near and dear to any of us. Putting off estate planning is very common for persons from all backgrounds and economic classes. Yet, proper estate planning can one of the greatest single cost saving steps and long-term plans a person can make.

Estate planning is designed to allow for the most efficient and surest way to get one’s wealth from one person to another upon death. It also involves making decisions regarding your own health and welfare (physical, mental and financial) during your lifetime should you are no longer able to take care of yourself and/or make your own decisions.

If you do not plan for your estate, the potential loss of income and property to your survivors can be substantial. Proper planning may avoid probate (and the associated expenses and delays) and estate taxes. In addition, the emotional turmoil that occurs to those surviving you when uncertainty exists regarding your estate can be overwhelming. 

You owe it to your loved ones to take the time to plan for your estate.

Estate planning involves usually creating one or all of the following documents depending upon personal preference, financial status and status of your potential beneficiaries.

These documents will greatly reduce the confusion and costs involved when you die or possibly have limited ability to make your own decisions.

Probate is a legal procedure involving the filing of a will with the Court who then appoints a personal representative (i.e. executor) who gathers the assets of the estate, pays the estate bills and distributes the remaining assets to the beneficiaries named in the will. On average, this process takes from 6 months to a year (if no contest) and costs from $1000 to a percentage of the actual estate, depending on size of the estate. Trust planning may significantly reduce the necessity and expense of a probate.