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LEGAL NOTIONS Estate Planning: Myths vs. Reality People often assume that estate planning is something that only the wealthy do, believing that only the rich own estates. Another common assumption is that estate planning is financial planning, perhaps because the two things are often coordinated. The truth is that anyone who owns property of any type or value has an estate. Hence, every adult who has an estate can plan it. Estate planning is often the plan one makes for the disposition of one's property (and, if applicable, the care of one's minor children), in the event of one's death. Such a plan includes the selection of who the beneficiaries will be; what each beneficiary will get (like a specific sum of money, or a specific family heirloom); and the nominees of who will be responsible for carrying out the plan and who would have legal authority to raise any minor children. Estate planning may include planning for aging and incapacity. Such planning might include appointing an agent authorized to make decisions for financial and personal affairs and for health care in the event one becomes unable to make such decisions. Wills, trusts, powers of attorney, health care directives, and probate avoidance measures are all devices used in estate planning. These devices will be subjects for future columns. << back to columns >> The information provided in this column is not intended to be legal advice but merely conveys general information related to the topic. © 2004 2005 Scott J. Preble, A Prof. Law Corp., Antioch, (925) 756-7111. www.PrebleLawFirm.com.
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