What Is Meant by “Estate Planning”
The process of developing a sound estate plan is to achieve the following objectives: controlling your property while you are alive; take care of loved ones and yourself if you become disabled; you want to give what you have to whom you want, when you want and they way you want; whenever possible you want to save tax dollars, professional fees and court costs.
Without a good estate plan, you and your family will probably lose control over your property, suffer through unnecessary court proceedings and pay unnecessary taxes and expenses. The lack of an estate plan may also deprive your family of many other legal protections otherwise available and also deprive them of the opportunity to receive from you a lasting legacy designed to bring your family closer together. Fortunately, all of these ills can be easily avoided by implementing a sound estate plan that passes your property to your loved ones in the way you want.
All good estate planning starts with making sure that your property is legally owned in an appropriate way.