Estate Planning

Estate Planning not only includes the planning of how a person's assets pass when he dies, but includes planning for what occurs before he dies. The basic cornerstones of a good estate plan include a will, power of attorney, and a living will.

A Will directs how one's property passes during the course of a succession. This will directs who the succession representative will be, how the assets will be distributed, how the debts will be paid, and how the succession will proceed. Without a will, a person will die intestate and the state determines the direction of the succession under its default provisions called the Laws of Intestate Successions.

A Power of Attorney is an instrument which allows a person to act for another. Unfortunately, as most persons age, they lose the capacity to care for their affairs. This instrument allows the person appointed to care for the affairs of the person who can no longer handle their business. Without a power of attorney, a lenghty and expensive process called an interdiction will have to be convened in order to appoint persons to handle the affairs of the person unable to care for themselves.

A Living Will is a declaration by a person that they do not wish to be sustained on life support. The living will directs that if two doctors, one being the family physician, states that the person has an incurable injury, the person does not want life support but only wants comfort care. This instrument allows a person to make a choice while they are thinking clearly and allows them an opportunity to determine what measures they want taken to save their life.

Other instruments can be used by an attorney to preserve your estate from estate taxes. As most people know, estate taxes, if they apply, can take up to 60% of a person's estate at the time of death. Proper planning is essential in order to ensure that these taxes are minimized. Instruments that can help achieve this goal will be discussed in an estate planning meeting. After assessing the client's needs and wishes, the attorney will attempt to draft the plans that best meet the client's needs and wishes.