Estate planning is a process. It involves people - your family, other individuals and in many cases charitable organizations of your choice. It also involves your assets and all the various forms of ownership and title that those assets may take.

As you plan your estate, you will consider:

• How your assets will be managed for your benefit if you are unable to do so
• When certain assets will be transferred to others, either during your lifetime, at your death, or sometime after your death
  
• To whom those assets will pass

Estate planning also addresses your welfare and needs, planning for your own personal and health care if you are no longer able to care for yourself. Like many people, you may at first think that estate planning is simply the writing of a will. But it encompasses much more. Estate planning may involve financial, tax, medical and business planning. A will or trust is just one part of that planning process, but other documents are needed to fully address your estate planning needs.

Estate planning is also a dynamic process. Just as people, assets and laws change, it may well be necessary to adjust your estate plan every so often to reflect those changes.

There is an unfortunate, widespread misconception that Estate Planning is a subject of interest only to the wealthy. In fact, an estate plan provides the legal mechanism for disposing of property upon death in a way that recognizes your wishes and the needs of your survivors, while minimizing taxes. For many it involves, even more importantly, planning for the handling of affairs in case of disability, and the deeply personal medical choices to be made as life nears its end. Estate planning can benefit nearly everyone.

The CC LawGroup
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