Estate planning involves arranging for the management and disposal of your estate during your lifetime and upon your death. It typically involves making decisions about assets and liabilities, beneficiaries, and how you wish your financial and healthcare matters to be managed should you become unable to manage these for yourself.

Estate planning ensures that your assets are distributed according to your wishes, helps to minimize taxes and legal fees, and provides for the care of your loved ones after you have passed away.

We advise and take the approach that you should think of your estate plan as one of objectives and wishes. Your plan should focus on the unique needs and objectives for yourself and your intended heirs and beneficiaries. As your legal and tax counsel, we will advise on and help design the plan that will best fulfill those needs and objectives.

With that said, some of the most common estate planning documents include:

• Wills
• Trusts
• Community property agreements
• Powers of attorney
• Advance healthcare directives (or, living wills).

These documents help ensure that your wishes are carried out and your loved ones are provided for in the event of your incapacity or death.

Most likely, yes. Estate planning is important for everyone, regardless of the size of your estate. Even if you don’t have significant assets, an estate plan, with the proper documents, can still help ensure that your wishes are followed, that your loved ones are taken care of, and that administrative burdens and undue costs are avoided (as is often the case when someone dies without even a simple will).

If you die without an estate plan, your assets will be distributed according to state law, which may not align with your wishes. This process, known as intestacy, can be time-consuming, expensive, and may result in your assets being distributed in a way you wouldn’t have chosen.

It’s important to review and update your estate plan regularly, especially after major life events such as marriage, divorce, birth or adoption of a child, or a significant change in financial circumstances. It’s also a good idea to review your estate plan every few years to ensure it still reflects your wishes and is current with changes in the law.  We suggest an estate plan review no later than every five years.

Yes, you can make changes to your estate plan at any time by executing a codicil to your will or an amendment to your trust, assuming you have the legal capacity to do so. It’s important to work with an experienced estate planning attorney to ensure that any changes you make are legally valid and properly executed.

While it’s possible to create some basic estate planning documents using online templates or DIY kits, we don’t advise this approach because these kinds of documents often miss important provisions, and the provisions included are often not consistent with one’s intentions, both of which lead to a much more costly post-death administration. Working with an experienced estate planning attorney can help ensure that your plan is legally sound and tailored to your specific needs and goals. An attorney can also help you navigate complex legal issues and minimize the risk of challenges to your estate plan in the future.