Furlong Law

Estate planning is the process of arranging for the management and distribution of your assets in the event of your death or incapacity, ensuring that your wishes are carried out and your loved ones are provided for.

Yes, everyone can benefit from having an estate plan, regardless of the size of their estate. Estate planning allows you to dictate how your assets will be distributed, appoint guardians for minor children, and plan for incapacity.

Common estate planning documents include a will, which outlines asset distribution and guardian appointments, as well as powers of attorney for healthcare and finances, living wills, and potentially trusts for asset management.

If you die without an estate plan, your assets will be distributed according to state intestacy laws, which may not align with your wishes. Additionally, the court will appoint guardians for minor children, and the process may be more time-consuming and costly.

It's recommended to review and update your estate plan regularly, especially after major life events such as marriage, divorce, births, deaths, or significant changes in assets.

Probate is the legal process of administering an estate, validating a will, and distributing assets. You can potentially avoid probate by using strategies such as trusts, beneficiary designations, and joint ownership arrangements.

A trust is a legal arrangement where a trustee holds assets for the benefit of beneficiaries according to specific instructions. Trusts can offer benefits such as probate avoidance, privacy, and asset protection, but whether you need one depends on your individual circumstances and goals.

Estate tax planning strategies may include gifting, charitable giving, utilizing trusts, and taking advantage of applicable tax exemptions and deductions. Consulting with a tax professional or estate planning attorney can help you develop a tax-efficient plan.

Yes, you can update your estate plan at any time by executing a new will or amending existing documents through a codicil. It's important to ensure that changes are properly documented and executed to be legally valid.

It's advisable to work with experienced professionals such as estate planning attorneys, financial advisors, and tax specialists to ensure your plan is comprehensive, legally sound, and aligned with your goals and values.