Why Is Estate Planning Important?

family estate planning“Estate planning” is the descriptive term of reviewing, preparing, and discussing how to best transfer assets to our heirs. We often think of a Will as the only vehicle that can be used to dispose of our assets, but estate planning allows us to explore all methods of disposition and give consideration to what would be the best to accomplish the needs of the client.

Simple estate planning may involve nothing more than setting up ownership of assets to transfer to the “survivor”. In many cases this is accomplished by using language setting up joint accounts or by contractual agreement with a life insurance or annuity company. More complex estate planning may involve a Trust Agreement or a term of limitation contained within a Will.

At Donnellon, Donnellon & Miller we pride ourselves in our estate planning experience in being able to discuss and analyze the individual client needs and making the simplest of changes or recommendations to accomplish the disposition of their assets. We review and discuss how a Will would assist transfer, what a Trust would accomplish, how to minimize estate taxation and how to best meet the individual client’s identified needs.

Most estate plans include preparation of ancillary documents known as health care directives (Living Will or Health Care Power of Attorney) and a general business form Power of Attorney. We have a confidential Personal Information Worksheet that we use to collect the detailed information about our clients in order to make the best suggestions for implementation of their ideas when performing an estate plan.

Personal Information Worksheet – Estate Planning Questionnaire