What is an estate? Everything you own.
What is estate planning? A plan to distribute what you own after your death.
In essence, the basis of estate planning is twofold. What do we have and who will it go to in the event of our deaths? The answer is not always as clear as we may think, but with proper estate planning, we can avoid any confusion, as well as potential messy family disputes and under some circumstances, avoid court costs and administration.
Estate planning encompasses numerous ways to instruct and inform how to distribute our assets, but the ultimate decision about which estate planning method is best for you depends entirely on your personal circumstances and family structure. The most common instruments used in estate planning are wills and trusts, both of which can be used to provide for the distribution of the estate. However, the distinguishing factor between the two is that a will must go through probate court to be administered, while a trust may avoid probate altogether. This means that wills become public documents since court records are public, while the distribution of a trust remains private. Aside from wills and trusts however, TMP Law offers additional estate planning tools, such as medical advanced directives and powers of attorney.
No matter what methods or tools you choose, estate planning offers peace of mind knowing that our loved ones will be protected in the events of our deaths and have a lighter burden to carry forward. Further, setting a plan in place aligns with the proactive mission of TMP Law and protects your current assets and future investments for a lifetime. Ready to get your plan in place? Contact TMP Law today.