What is estate planning?

Estate planning is the process by which you arrange, in detail,  the management, protection, and distribution of your assets in the event of your incapacitation or death. Estate planning ensures that your assets go to your chosen beneficiaries. It allows and empowers  you to make these important decisions during your lifetime, so that the state won't make the decisions for you after your death. Additionally, estate planning  can minimize taxes and allow you to appoint a guardian for minor children, preventing court intervention. 

Some key components of an estate plan typically include:

• Will: A legal document specifying how your property and assets should be distributed after you die, and naming guardians for dependents.
• Trust: A fiduciary arrangement allowing a third party (the trustee) to hold assets on behalf of your beneficiaries, often used to bypass the probate process, potential creditors, and certain taxes. However, this differs from a revocable trust, which we also offer.
• Power of Attorney (POA): A legal document assigning someone you trust to make decisions on your behalf if you become incapacitated. 
• Advance Healthcare Directive (Durable Healthcare POA): Instructions regarding your preferred medical care and end-of-life interventions in the event that you are unable to communicate your wishes.

Here at The Gooden Law Firm, PLLC, we understand that each person is unique with varying needs and concerns, Thus, while we offer the key components of an estate plan, we offer many additional protections just for you that may not be listed here. 

We look forward to listening to you and establishing a plan that is just right for you!