Estate Planning

Estate planning is the process of arranging your affairs to ensure that your assets are distributed according to your wishes after your death. It also involves planning for possible disability, incapacity, or medical emergencies that may affect your ability to manage your own affairs.

Inner Vision Legal can help you achieve various goals in doing your estate planning, such as:

• Avoiding or reducing conflicts among your heirs or beneficiaries;
• Expressing your preferences for medical treatment and end-of-life care;
• Minimizing delays, fees, and taxes in the transfer of your assets;
• Protecting your assets from creditors, lawsuits, or other claims;
• Providing for your loved ones and ensuring that they receive the inheritance you intend for them; and
• Supporting charitable causes that are important to you.

Some of the common tools and strategies used in estate planning are:

• Wills

A legal document that specifies how you want your property to be distributed after your death. You can also name a guardian for your minor children and an executor for your estate in your will.

• Trusts

A legal arrangement that allows you to transfer property to a trustee, who holds and manages it for the benefit of one or more beneficiaries. Trusts can offer more flexibility, privacy, and control than wills, and can also help you avoid probate, reduce taxes, and protect your assets from creditors or other claims.

• Powers of Attorney

A legal document that authorizes someone else to act on your behalf in financial or legal matters. You can choose when and how the power of attorney becomes effective, and what powers it grants to your agent.

• Advance Directives

A legal document that expresses your wishes for medical treatment and end-of-life care in case you become unable to communicate them yourself. You can also appoint a health care proxy, who can make medical decisions for you based on your instructions.

• Beneficiary Designations

A way of naming who will receive the proceeds of certain assets, such as bank accounts, life insurance policies, or retirement accounts. Beneficiary designations can override the instructions in your will or trust, so it is important to keep them updated and consistent with your overall estate plan.

Estate planning is not a one-time event, but an ongoing process that requires periodic review and adjustment. Changes in your personal or financial situation, such as the birth of a child, the death of a spouse, divorce, inheritance, marriage, or retirement, may affect your estate plan and require revisions. You should also review your estate plan regularly to ensure that it reflects your current goals and wishes.