WHAT IS ESTATE PLANNING?
James F. Malinowski's Answer
Whether young or old, everyone has spent their lifetime accumulating assets. No one can tell you what to do with the things you own. You can spend your assets, give them away, or save and continue to compile and collect more capital. Estate planning is the process of getting ready for life’s uncertainties, and creating contingency plans for any possible significant event that one might have to contend with. As there are sure to be issues in everyone’s lifetime, a solid estate plan should deal with preparing for these challenges and eventually the disposition of property at death. To better prepare for such eventualities, wills, trusts, powers of attorney, and other legal tools are essential to safeguard assets and provide effective management of those assets. Estate planning is the design of an individual’s estate, employing the laws of different disciplines. Since estate planning consists of the management of a person’s assets during their life, and disposition after their death, only an expert estate planning attorney should provide legal advice necessary for such a detailed plan.