Elder Law Firm of Andrew Olsen

Estate Planning Basics

December 18, 2012

Why is Estate Planning important?

  1. Estate Planning develops a coordinated strategy for how you want your assets handled in the event of your death and may provide tax savings.
  2. People of all ages can die or become incapacitated suddenly due to illness or accident.
  3. If you have not planned for the disposition of your assets, they will be distributed according to state law regardless of your intent.
  4. Your plan for your estate should be updated regularly, as your estate, your beliefs and your life change.

What does Estate Planning entail?

  1. In addition to disposal of your assets at death, it sets instructions for your health care if you lack the mental capacity to make decisions or that of your children if you cannot care for them yourself.
  2. Estate Planning designates a person to handle your finances should you be unable to do so, as well as whether another person or a court should review that person’s management.

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