Estate Planning. Estate planning is often thought of as the elderly creating a last Will and Testament to dispose of assets upon death with minimum taxation. While that is certainly a part of any good estate plan, there is much more to it.
Wills, trusts, durable powers of attorney, living wills, and many other methods empower you to determine what happens to you, to your loved ones, and to your property. They can be used to administer and protect assets during your lifetime. They enable a trusted friend or family member to control your finances and health-care decisions should you become unable to, and not before. They allow the young family with minor children to determine guardianship in case the worst were to happen. They provide detailed instructions for the care of a parent, child, or other relative with special needs.