What is an Estate Plan? You first need to identify your ESTATE. An ESTATE typically is all of a person’s financial accounts, personal property (cars, jewelry, furniture, etc.), life insurance policies and real estate (your home, cottage, etc.).
Second is the PLAN of how your assets and wealth will transfer after your death. You need to determine how and to whom (children, family, charity, etc.) you will transfer your wealth and possessions.
In addition to your “things”, Axis Estate Planning also works with you to preserve your LEGACY. Wealth is more than financial worth, but also your family history (stories, lessons, etc.), morals, beliefs and sentimental heirlooms. Most often your LEGACY is lost with traditional estate planning.
Your Estate Plan can consist of various documents. Typically, an estate plan consists of a Will, a Revocable Living Trust (if warranted), Durable (financial) Power of Attorney and a Medical Power of Attorney. A Will is where you name guardians for minor children and can be used to direct what assets go to whom. A Will does not avoid probate, but essentially guarantees probate which is an expensive, lengthy and public process. A Revocable Living Trust is like a “treasure chest” that holds your assets and, if you become incapacitated or your pass away, it provides instructions on what happens to your assets. There are many advantages of having a Living Trust such as: avoiding probate (if properly drafted and funded), flexibility, control of your assets, continuous management of your assets, reduction/elimination of challenges to your estate and many others.
Finally, Estate Planning is not just what happens upon death. A properly drafted Estate Plan also deals with managing your wealth while you are alive, but when you cannot make decisions. We assist clients in identifying who will make decisions for you in the event you cannot through a Financial Power of Attorney (Durable Power of Attorney) and a Medical Power of Attorney and Living Will (Patient Advocate). You need to be confident with YOUR Estate Plan. We will be your guide on the journey to creating your Estate Plan that protects and preserves your wealth and LEGACY for the next generation.