Estate planning
Estate planning by a law firm involves creating a comprehensive plan to manage and distribute a person’s assets in the event of their death or incapacitation. This includes drafting wills, setting up trusts, and designating beneficiaries. The goal is to ensure that the client’s wishes are honored, minimize taxes, and avoid probate court.
This planning includes the bequest of assets to heirs and the settlement of estate taxes, debts and other considerations like the guardianship of minor children and pets.
Estate planning also involves how an individual’s assets will be preserved, managed and distributed after death. It also takes into account the management of the individual’s properties and financial obligations. Assets that could make up an estate include personal or commercial real estate, vehicles, stocks, bonds, life insurance and pensions.
Contrary to what you might think, this isn’t just a tool for the ultra-rich. Anyone can and should consider estate planning. There are various reasons you might consider estate planning such as preserving family wealth, providing for a surviving spouse and children, funding children or grandchildren’s education or leaving your legacy for a charitable cause.
Major estate planning tasks include:
- Limiting estate taxes by setting up trust accounts in the names of the beneficiaries
- Establishing a guardian for living dependents
- Naming an executor of the estate to oversee the terms of the will
- Setting up funeral arrangements
- Setting up a durable power of attorney to direct other assets and investments
At Cobb Hammett we have attorneys with years of experience ready to advise you on all aspects of estate planning. We work with estates of any size. Our talented attorneys will work with you to make sure your final wishes are put in place and the stress to your loved ones in minimal. Reach out to us today for more information.