Estate Planning FAQ

Yes, you have an estate. Your Estate is basically the property you own.

Estate Planning is the act of determining what happens to your estate after you’re gone. An estate plan can be a simple two page will or an intricate web of multiple trusts.

You should think about estate planning after any major life changing event: a marriage, divorce, birth of a child, or change in employment. You should also rewrite your estate plan if it has been more than seven years since you last revised your plan.

After a divorce or marriage, the birth of children or grandchildren, relocation, or a change in financial circumstances. Additionally after a change in the code, such as the 1997 Taxpayer Relief Act which changed over 800 sections of code.

Everyone! There is an unfortunate, widespread misconception that only the wealthy need an Estate Plan. In fact, an Estate Plan is for anyone who wishes to provide for his or her survivors. If you pass away without a will or other Estate Plan, the laws of the state take over, and these laws may not reflect your wishes or provide for the ones you love.

Estate planning documents are only as good as the assistance, advice and instruction you receive with them. An estate planning professional will be able to ensure your assets are titled correctly, trusts are properly managed, and that your will adequately communicates your wishes.

To draft a will you must have testamentary capacity, which means an ability to understand what it means to create a will, what property you own, who would naturally be your beneficiaries, and the terms of the document when you sign. You can be elderly and you can be sick, but as long as you have capacity and there is no undue influence placed on you, you can draft a new estate plan.