Unfortunately, there is no single document or form you can simply sign and file away that will provide your family and loved ones with the information and tools they will need to handle your affairs at the time of your death or incapacity.  Good estate planning is a process!

FIRST STEP: Good planning starts with defining your concerns and objectives.  A common objective for many would be to reduce or eliminate the expense and time associated with probate administration or unnecessary taxes at the time of your death.  Other common objectives include reducing the burdens on family members or reducing the potential for family "misunderstandings".  In proper estate planning this first step must address issues you may prefer not to think about, such as the difficulties your family may face if you are incapacitated, or the issues that will arise if family members do not die in the expected order.

SECOND STEP: A second, very important, step is determining which family members or loved ones are best suited to make personal and health care decisions on your behalf, when you can't.  You must also decide who will best be able to manage finances and pay bills if you are incapacitated, or handle the issues associated with the distribution of your assets after death.  The selecting the right people to carry out your wishes and handle your affairs will have a major impact on how well your estate plan works.

THIRD STEP: After defining your objectives and selecting the right people to carry out these tasks, you will be providing them with the best legal tools to get the job done.  A properly drafted and funded Living Trust can be a very valuable tool, but other options, such as Non-Probate Transfer beneficiary designations, are also available.  Power of Attorney documents in the areas of both health care and financial matters can also be very important tools.  If you have minor children, a Will may be necessary in order to designate Guardians for them.

FOURTH STEP: No estate plan can be completed without effectively communicating and organizing important information.  Family members should know your decisions as to who will be handling health care and/or financial matters.  Everyone in your family should know your wishes regarding life support, artificial nutrition and hydration as well as other wishes you have concerning personal and medical issues.  It is also very important to organize information and documentation regarding your assets, medical and property insurance, monthly bills, tax preparation, where documents are kept, burial and funeral wishes, family and friends you want contacted, and so on!   

FIFTH STEP:  Your role in maximizing the inheritance you leave to others should not be underestimated!  It is now likely that in the future government spending for retirement and health care, including long term care benefits, will be unable to keep pace with demand.  As a result social security benefits and health care services will be curtailed.  Therefore, the unique opportunity associated with receiving an inheritance will become more significant in helping your family plan for their own financial security.  An inheritance needs to be used to enhance retirement income, fund supplemental health care services and insurance and provide for long term care planning.

Proper estate planning is not an event...it is a process!

Note: We DO NOT provide free reviews to persons seeking a review of unexecuted documents downloaded from the internet!  Internet documents will not provide you with an adequate estate plan.  We DO NOT offer free legal advice.  We DO NOT respond to calls or e.mails to our office from those seeking free legal advice.  We DO offer a free initial consultation to those persons that are serious about establishing a proper estate plan or updating an existing estate plan.