While many of us are familiar with the importance of having a legal will, it is only one component of an effective estate plan.
An estate plan is a comprehensive strategy that involves documents and structures that are effective during the course of your lifetime whereas a will only takes effect at the time of your passing.
For instance, in addition to your legal will, an effective estate plan may include trusts, powers of attorney, beneficiary designations and guardianship designations.
Together these documents outline who has the power to make healthcare and financial decisions on your behalf during your life, and who receives your assets at the time of your death.
Estate planning is not just for the wealthy. Everyone can benefit from ensuring their assets and finances are properly taken care of after their death.
To find out more about our approach to estate planning, please contact us.