- Handling someone’s estate is something you may only do once in your lifetime and it can be a very emotional, daunting process.
- Estate plans can be executed during someone’s life should they become incapacitated, and upon a person’s death as well.
- It’s important to seek help from a professional when it comes to estate planning as it is a very complex area and because it can be a long process if probate is involved.
- Every person has an estate plan automatically; it is designated by the state you reside in.
- Estate plans can consist of wills, durable powers of attorney, trusts and designation of beneficiary type assets.
- There is will-based and trust-based planning. There are very big differences in terms of dealing with probate and whether they are public versus private.