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Everyone has an estate plan, whether intentional or by default. If you think you have no plan, because you have not made out a will or a trust, you still have a plan--it is simply one that is dictated by the laws of the state where you reside at your death. People who die without wills or trusts are said to die intestate. State law provides the rules of distribution that must be followed when a person dies intestate. In most cases intestate estates must be probated, which involves a court proceeding, and in many cases state law may require a distribution that you would not want. It is a very good idea to avoid intestacy by having a will or a "living trust" that is designed for your particular needs. In most cases a revocable "living" trust is better than a will.

As you can see, unintended and unfortunate results can occur without proper planning.

What is proper estate planning? It involves a plan that is carefully designed to meet your goals. It requires a cooperative effort between you, your attorney, and other appropriate members of your estate planning “team,” such as a financial planner, a life insurance agent, and a CPA. The plan should not be thought of as a series of transactions whereby the financial adviser provides (sells) investments, the insurance agent provides (sells) insurance, and the attorney provides (sells) a trust or a will. In my view, that is the wrong approach.

Instead of taking the transaction, i.e., product oriented, approach, you should view estate planning as an ongoing process that evolves as your needs, goals, and family change, as the laws change, and as new estate planning tools and techniques are developed. It is a process of continually evolving entrance, growth, maintenance, and exit strategies. Proper planning requires professional thoroughness which respects the overall well-being of you and your family.

For a free and confidential legal consultation, call (262) 783-7711 or email us.