The term “estate” refers to what you own; your assets and resources. Your estate may consist of your home (real property), or your bank account, your car and the contents of your house (personal property). You may have an invention you have patented, a painting that you have copyrighted, or a royalty interest in an oil lease. These rights are called “intangible” property.

The makeup of your estate and your family are central elements to your planning. Your estate plan may need to address a variety of special concerns, such as minor or elderly beneficiaries, individuals with incapacitating disabilities or special needs, planning for children of a prior marriage, family business succession, asset protection, charitable giving, etc.

When we meet, we will discuss how you prefer to have your estate managed during your lifetime and how it will be managed and distributed after your death. The best planning choices for your individual situation and your preferences will be identified. I believe this is the best approach because the circumstances of your life are unique, so advance planning like this should be properly tailored.

In the end, these choices are embedded into appropriate documents that make up your individual “estate plan.” That might be a Will only, or a Trust with a Will and a Durable Power of Attorney, or something else. If you are using a trust, you will take the further step of changing ownership of the assets you wish to be held in your trust to be managed by you and your successor trustees.