ESTATE PLANNING (OVERVIEW)

Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancywith rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney. After widespread litigationand media coverage surrounding the Terri Schiavo case, virtually all estate planning attorneys now advise clients to also create a living will. Specific final arrangements, such as whether to be buried or cremated, are also often part of the documents. And more sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.

Many people (and even some attorneys) confuse a living will with a durable medical power of attorney. A living will sets out directives concerning end of life decisions, whereas a durable power of attorney gives all medical decision making authority to an appointed individual upon incapacity, including end of life decisions. Some people have both a living will and a health care power of attorney. Some, who wish to give complete discretion to a loved one, including end of life decision, have only a health care power of attorney.

Estate planning is more than just making a plan to distribute certain assets to certain people. A complete estate plan will allow you to retain control of your assets and to determine who will make decisions on your behalf should you become unable to in the future. FICSGlobal can help out with all parts of estate planning.

About Estate Planning:  Advance planning, good advice, and the proper assembly of important documents will all ensure that your estate is handled as easily as possible. 

Making A Living Will:  A living will and a durable power of attorney for healthcare can ensure that healthcare decisions will stay in the hands of trusted people that you choose.

Making A Will:  Making a will ensures that your assets will go to the people whom you choose; it gives you peace of mind, and ensures any nominated children will be looked after appropriately.

Will and Estate Planning Checklist  (What Is Estate Planning?)

Estate planning is a process designed to help protect the wealth you have built over your lifetime so that it is distributed smoothly according to your wishes. More than just a will, an estate plan also takes into account your superannuation and powers of attorney as well as assets held solely in your name or jointly with others, or assets held in private companies or trusts.

Who Needs Estate Planning?

If you own anything or have people who rely on you it is a good idea to have a plan. The more complicated your personal and financial affairs, the more important it is. You should also review your estate plan at least once every three years and whenever your circumstances change, such as:

•   getting married, living with a partner, separating or getting divorced;

•   as soon as you have children or step-children;

•   buying real estate or other valuable assets;

•   quarantining assets from meddling/invasive/abusive/troublesome family members.