Estate planning is a process. It involves people - your family, other individuals and, in many cases, charitable organizations of your choice. It also involves your assets (your property) and the various forms of ownership and title that those assets may take. And it addresses your future needs in case you ever become unable to care for yourself.
Through estate planning, you can determine:
- How and by whom your assets will be managed for your benefit during your lifetime if you ever become unable to manage them yourself.
- When and under what circumstances it makes sense to distribute your assets during your lifetime.
- How and to whom your assets will be distributed after your death.
- How and by whom your personal care will be managed and how health care decisions will be made during your lifetime if you become unable to care for yourself.
Many people mistakenly think that estate planning only involves the writing of a will. Estate planning, however, can also involve financial, tax, medical and business planning. A will is part of the planning process, but you will need other documents as well to fully address your estate planning needs.
Christenson Law Office offers estate planning for all ages. A frequently used estate plan for young families is a will with a ‘children’s’ trust. This plan emphasizes the transfer of assets to a surviving spouse and then to the children. The children will receive assets when they reach a certain age with a special emphasis on health care and education.
A plan frequently used for older people is ‘Living Trust’ estate plan. This estate planning technique is used to emphasis ease of asset transfer upon a death and privacy. Included in this plan are ‘durable power of attorney ‘ documents with an emphasis on health care planning.
You can count on Christenson Law Office's extensive experience and knowledge of Estate Planning to help guide and counsel you through the process.