More on Wills & Trusts
Planning your estate is not terribly complicated, but the potential consequences of “getting it wrong” are dire.
Given the assets that many accumulate over a productive lifetime, the logistics and the tax consequences can be incredibly costly to your descendants if your estate plan is not done right in the first place. The basic components of an estate plan are a will, a general durable power of attorney, and an advance directive.
In order to ensure the successful implementation of an estate plan, consideration must also be given to correct titling of assets, and to clear designation of beneficiaries. In appropriate cases, one or more trusts may be indicated.
Except in the case of an extremely simple estate, it is usually wise for the estate planning attorney and the client to consider the input of the client's accountant and/or other relevant financial professionals. Careful consideration should also be given to how the estate will be administered after your death. Thoughtful estate planning can save your family a great amount of money and a significant amount of work during a very difficult time.