An Estate Plan is having the appropriate documents prepared to accomplish the following:
- Make plans regarding your care during your lifetime and appoint the people to make the decisions after you cannot do so to avoid Probate Court supervision.
- Appoint the people to make financial decisions for you and give them the authority to make those decisions without Probate Court supervision.
- Set up the distribution plan for your assets including who receives what share and possibly establishing Trusts to provide for the care of beneficiaries who are unable to, or are too young to manage their assets, or may be receiving “needs based benefits”.
- Appoint Guardians for minor children.
- Make a Succession Plan to distribute a family business to the next generation, being fair to all beneficiaries, and complete the transfer at the lowest cost to the Estate.