Estate planning is about seizing the opportunity to control critically important aspects about your life and death. A thoughtfully crafted estate plan serves as a detailed instruction manual that describes who you want to manage your affairs if you cannot, who will receive your assets at death, and the manner in which your assets will be distributed following your death.
An effective estate plan goes beyond a simple will, and includes the following documents:
- Revocable living trust
- Pour-over Will
- Assignments of Property
- Durable Power of Attorney for Property Management
- Advance Health Care Directive
- HIPAA Release
- Nomination of Guardian
- Beneficiary designations for retirement accounts life insurance policies, and certain stock option plans
- Successor Advisor Designations for Donor Advised Funds
- Successor Custodian Provisions forCustodial Accounts
- Successor Owner Provisions for 529 Plans
Estate plans are not one-size-fits-all. Working with an attorney that specializes in estate planning is critical. Plans that are not crafted with the assistance of an experienced attorney usually have significant shortcomings. At Kenneth E. Devore & Associates, APC, we pride ourselves on tailoring our estate planning services so that each client’s estate plan is thoroughly customized to fit that client’s wealth, asset mix, family situation and planning goals. Our typical clientele ranges from young families just beginning to accumulate assets to high net worth individuals with complex wealth transfer and tax planning needs.
Without an estate plan, you’re leaving the management and disposition of your estate in the hands of the state. For example, without a written plan, state law provides who manages your affairs, who receives your assets, and the manner in which your assets will be distributed. Leaving your estate in the hands of the state rarely reflects a client’s wishes and places an enormous burden on a client’s family and friends upon incapacity or death.