Estate Planning Basics

Gain an understanding of what documents are needed for estate planning and how to best help clients through the process.

Estate planning is a process that should be undertaken by nearly every person because if you fail to create your own estate plan, state laws will create one for you (and it may not be the one you want). Therefore, having properly drafted estate planning documents are key. But what is estate planning, and what documents are needed? How can attorneys help clients through the estate planning process? This material will review the various ways of passing property to the desired recipients at death and how to plan for the possibility of becoming incapacitated during lifetime - both of which are part of a good estate plan. We will consider the differences between wills and revocable trusts and when one might be recommended over the other. We will also review various ways of setting up an estate plan to take care of a person's surviving spouse and children. The presenter will discuss the use of trusts to protect property for heirs, naming a guardian in the event one is needed, and possible traps for attorneys who may be new to estate planning. The material will also briefly cover advanced estate planning concepts, such as estate taxation, lifetime gifts, and the related areas of elder law and special needs planning.