Many people believe that estate planning is only for people who are particularly wealthy, have elaborate schemes in mind for passing their money to their heirs, or for people who are acutely ill and contemplating their death. This could not be farther from the truth! Estate planning is for every husband, wife, mother, father, grandparent, business owner, professional, or anyone else who has someone they care about, are concerned about providing responsibly for their own well being and for the well being of those they love, and for anyone who seeks to make a difference in the lives of others after they’re gone.Estate planning is not “death planning”; it is “life planning”, and an essential and rewarding process for individuals and families who engage in it. When done properly, estate planning requires that a highly trained individual lead you through one or more in-depth meetings to uncover your hopes, fears, and expectations for yourself and for those who are most important to you. This process almost always requires the preparation of a Will, Revocable Living Trust, Power of Attorney, HIPAA Authorization and Advance Health Care Directive (also known as a Medical Power of Attorney or Living Will).
Estate planning may also include the preparation of more complex documents such as an Irrevocable Life Insurance Trust or a Retirement Plan Legacy Trust™. But the documents alone are not “estate planning.” Planning is a process, represented by a complete strategy that is properly documented and maintained by a professional who has taken the time to get to know you, and who is committed to continuing to serve you.
At Hallock & Hallock we believe a good Estate Plan is one that will:
- Control property while you are alive and well;
- Plan for you and your loved ones if you become disabled;
- Avoid probate;
- Give what you have to who you want, the way you want, and when you want;
- Ensure the long term control and protection of property;
- Leave a legacy for your family.