By Steven Muller
Estate planning involves the determination of who will inherit your property upon your death. Estate planning also should include actions intended to minimize taxes and address issues related to the care and custody of children. The only way to be sure that your goals and wishes are followed is to document them in a legally binding manner. This usually means signing a document that states these goals and that has been signed, witnessed, and notarized as required by law. Specific documents are intended to carry out specific goals. These are a will, living will, medical power of attorney, durable power of attorney, and/or a trust.
It is important to remember that planning your estate is a continuing process. Changes in your financial affairs and changes in your family may make it necessary to change and update your estate planning documents. You should review your will and other documents at least once every two or three years to determine if they still accurately reflect your situation and goals. In addition, if you experience a major change in your finances or family you should also review your will and other documents.
In summary, estate planning is your opportunity to make decisions regarding your property and finances. By planning your estate and communicating your decisions with your loved ones, you will be lessening the conflicts and difficulties that they may encounter later.
Sources:
http://www.pueblo.gsa.gov/cic_text/money/estateplan/planning.htm
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