The Necessity of Estate Planning and Wills

Estate planning and Wills can involve various degrees of complexity.  From the simple to the complex, the purpose of estate planning and Wills is to ensure that the testator’s goals are achieved, provide for surviving family members, and minimize taxes. 

Estate planning documents such as a Last Will and Advanced Directives such as a Power of Attorney and Health Care Proxy are needed to avoid uncertainty and litigation in Court regarding a person’s desires and intent. Other papers that may be appropriate include a Living Trust, a Living Will.

There are many significant issues that are reviewed with individuals regarding their Estate Plan. A thorough review of assets is needed to ascertain value for possible estate and gift tax implications. Discussing beneficiaries and having Executors and Trustees is also vital. The fundamental purpose of estate planning and preparing a Last Will and advance direction is to avoid disputes and confusion regarding the settling of one’s estate. In the event a person dies without a Will, state laws dictate who inherits your estate. The preparation of estate planning documents avoids outcome.