Estate Planning Process
At Pankau Law, our estate planning attorneys have years of experience creating clear legal documentation that explains your wishes of how your estate should be handled. Estate plans are unique based on the individuals’ needs and assets. The components below are different aspects that will be considered when developing an estate plan.
- Create a Will. In this detailed legal document, give specific instructions on your final wishes and how your assets are to be distributed. Read more
- Establish a Trust. Make this difficult transition less stressful for your survivors by establishing a trust for your properties so that they can avoid probate. Read more
- Name Beneficiaries. Make sure your assets are properly distributed to the loved ones of your choosing. Read more
- Plan for Estate Taxes. Don’t leave the tedious work of estate taxes to loved ones after your passing. Prepare for expected estate taxes and reduce stress and anxiety. Read more
- Write a Letter to Loved Ones. As a last goodbye, consider writing a letter to loved ones to bring comfort, reminisce on past memories, and note items of sentimental value that you wish certain successors to inherit. Read more
- Execute Power(s) of Attorney. It is important to execute a power of attorney that allows you to name someone you can trust to handle your healthcare decisions and your financial decisions as well as ensure your wishes are seen to. Read more
- Make a Healthcare Directive. A detailed healthcare directive will ensure that your wishes regarding your healthcare are followed if you are no longer able to voice them yourself.
- Organize Digital/Paper Files. Don’t leave documents in disarray for your loved ones to sift through after passing. Keep all important files together for them to access easily.
- Consider Life Insurance. In the event that you suffer unexpected but serious illness or injury, ensure that you can protect your family financially and pay for the medical costs.
- Cover Funeral Expenses. Reduce the financial stress for your family to pay for funeral arrangements when you pass by creating a payable-on-death bank account that will cover these expenses.
- Construct a Business Succession Plan. If you are the sole owner of a business, this plan should give a detailed explanation on your wishes of what is to become of this business when you pass.
Ensure that your assets and your loved ones are in good hands with a secure estate plan. Call Pankau Law today to schedule an appointment
and begin the estate plan creation process based on your needs and wishes.