Estate Planning Basics Brochure
2007
Estate Planning Basics
This guide is designed to acquaint you with some of the basics of estate planning.
There are three major goals of an estate plan:
• Ensuring that your property benefits those whom you choose, in the
manner you select;
• Minimizing costs, including taxes, administrative expenses, court costs and
fees;
• Providing for management of your assets during your lifetime if you are
disabled or wish to have someone else handle your finances and
investments. Your estate plan can also provide for continued management
of your assets after your death.
In addition to the three major goals, the plan should address other issues as needed,
such as income tax planning, insurance, retirement planning, family and charitable
giving, and ownership succession for a family business.
Your estate plan should be customized to fit your own family and financial situation.
Before consulting your attorney at Edwards Angell Palmer & Dodge LLP, you should
think over your basic goals and individual needs. You may have questions for us, but
you will have a more productive meeting if you have given some consideration to the
following:
• Who are your dependents?
• Who should be your beneficiaries?
• Should they receive your property outright or in trust?
• Who should be named as your executor (also known as a personal
representative in some jurisdictions)? Trustee?
• Who should serve as a guardian for any minor children?
• Are there family members with special needs?
• What are your assets and by whom are they owned?
• Should you have a prenuptial or postnuptial agreement?
• Who are the beneficiaries of your insurance and retirement benefits?
A typical estate plan often calls for four different types of documents: a will, a power
of attorney, a health care power of attorney and a revocable trust.
Will
A will is a document that directs the disposition of assets that are owned by you alone
at the time of your death. Property that