Estate Planning: Arranging the Transfer of Assets

When people hear the word estate planning, they become confused. Estate planning arranges for the transfer of your assets at the time of your death to your owners that you may have designated into your will or if you didn’t have a will by intestacy. Typically the process of estate planning is about sitting down and talking to an estate planning attorney that would do the legwork, but it’s all about you and creating a plan that will help forward your personal wishes!

The video is presented by Megan Truick, an estate planning attorney at the Law Office of Bryan Fagan. She explains that estate planning is arranging for the transfer of assets to designated owners upon a person’s death. This can include a person’s real property, bank accounts, investments, vehicles, and even pets. Estate planning is important for everyone, regardless of the size of their estate, and it can help minimize tax consequences and avoid probate. Estate planning tools include a will, a trust, healthcare directives, and a financial power of attorney. A will sets out who will inherit a person’s property and appoints a guardian for minor children. A trust places assets under the supervision of a trustee for the benefit of the beneficiaries. Healthcare directives ensure that a person’s medical wishes are respected when they are unable to make decisions for themselves. A financial power of attorney appoints an agent for a person’s financial affairs. Truick stresses that estate planning is a way for people to express their love for their loved ones.