Estate planning is the process of anticipating and arranging for the management and disposal of a person’s estate during their life, in the event of their incapacity, and after death. The aim of a well-crafted estate plan is to eliminate uncertainties over the administration of the estate, maximize the value of the assets, reduce taxes, and plan for incapacity.
A basic estate plan consists of a trust, a will, and powers of attorney for health care and asset management. Many estate plans will also include nominations of guardians and fiduciaries for minors and dependents with disabilities. The ultimate goal of estate planning can only be determined by the specific objectives of the estate owner and may be as simple or complex as the owner’s wishes.
At Astria Law Group, PC, our estate planning process includes creating a family wealth inventory, developing contingency plan(s), providing for children and dependents, protecting your assets, documenting your wishes, appointing fiduciaries, and assisting you to pass on your intangible legacy.
Discussing your estate plan with our estate planning attorney is crucial when you have significant life changes. We recommend you review your estate plan with us at least every three to five years or when there is a life event.