Estate Planning Overview
Estate planning is the process and preparation of an individual or family in arranging for the transfer of assets in anticipation of incapacity or death. This is a highly personal process for which there is a never a “one size fits all” solution. Should a person pass without having any estate planning documents in place their estate will be subject to the laws of intestacy.The intestate succession laws vary from state to state and, more often than not, intestate succession laws will not line up in accordance with a person’s wishes. The laws of intestate succession require a probate and the process of distributing a person’s assets automatically becomes more complicated and costly. Having a well-drafted estate plan is critical in order to minimize estate taxes, avoid a time-consuming and costly probate process, and ensure that a person’s wishes are carried out properly.