Anyone who owns property — a home, a car, a bank account, investments, business interests, a retirement plan account, collectibles, personal belongings, etc. — needs an estate plan. An estate plan allows you to direct how and to whom your property will be distributed after your death. If you have no estate plan at all, your property could be distributed according to your state's intestacy laws without regard to family needs or your desires.
Estate planning is an ongoing process. For a young, single person, an estate plan may consist of simply a Will. A couple just starting out might have Wills and own a modest home and bank accounts in their joint names. When children arrive, naming a guardian and arranging to provide for them in the event of unexpected death or incapacity become estate planning concerns. And, once an individual starts to realize his or her financial goals, asset preservation and avoiding taxes become important factors in estate planning.
This booklet is designed to show you the need for estate planning and the estate planning tools and strategies available to help you ensure your loved ones' future financial security and keep transfer taxes to a minimum. The booklet is not intended to take the place of professional advice. You'll want to consult with us and your other professional advisors before implementing any of the strategies discussed.