Estate Planning

Estate planning can be described as a process to:

• protect and maximize a person's wealth during lifetime
• arrange for financial management and health care decision making in the event of disability; and
• to transfer assets to, or ensure the continued preservation of such assets, upon one's death for intended beneficiaries in a cost-efficient manner.

Probate is the court-supervised administration of a decedent's estate. Specifically, probate is the process of gathering a decedent's assets, paying claims by creditors made to the estate, and distributing the remaining assets to the beneficiaries named in the decedent's will.

A revocable or "living" trust is a document created by you (the "grantor") that designates a "trustee" to manage the grantor's assets during his or her lifetime and distributes the remaining assets after the grantor's death.

The trust must be "funded" by transferring title or otherwise changing ownership of one or more assets to the revocable trust.

An irrevocable trust cannot be revoked or amended by the grantor. A trust is revocable unless the terms of the trust expressly provide that the trust is irrevocable.

A properly drafted, witnessed, and notarized will allows you to:

• identify any beneficiaries whom you choose will receive your assets
• instruct the court as to how to distribute your assets to your beneficiaries upon death
• designate a personal representative - to represent your interests and carry out the terms of your estate
• name a guardian for your children