Estate Planning is the process of utilizing various legal mechanisms, such as Wills, Power of Attorneys and Trusts to determine how your estate will be distributed upon your death. An estate is comprised of everything you own; your home, your car, home, other property, financial accounts, investments, life insurance, furniture, and even your pets. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die. You will want to control how the items in your estate are given to the people you determine. It is important to make sure your wishes are carried out so you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs. Estate planning is necessary regardless of the size of your assets to ensure your wishes are known and carried out upon your death.
Power of Attorneys specify who should care for your medical needs and financial needs if you become disabled.