In this section:
What is Estate Planning?
Keeping your Will up to date
Your Will in a nutshell -
What happens if you have no Will

What is Estate Planning?

In simple terms, estate planning is writing down your instructions for giving away the things you have acquired during your lifetime, and making sure people who depend on you are taken care of.

Estate planning can help accomplish a number of goals, including avoidance of taxes and Probate fees, providing for continuing care of children/dependents, and other individual purposes.

A valid Will is one of the basic tools of estate planning, however, there are a number of other tools.

A Will can be flexible to address needs at various stages of life.

Properly prepared, a Will can be a very simple document setting out a complete plan regarding distribution of your Estate. Your Will should always reflect your goals, family needs and personal decisions. Your Will can be amended or revoked and replaced by a new one at any time.

Keeping your Will up to date

You might reasonably expect to write several Wills in your lifetime. The process of maintaining an up-to-date Will should become a routine part of your overall estate plan. Updating your Will as needed can help keep it simple, effective and responsive to current needs. The initial step is creating one in the first place.

Changes in your estate plan usually follow important events in your life such as:

* Marriage
* Birth or Adoption of Children
* Divorce
* Re-Marriage
* Death of Parents
* Maturity of Children
* Birth of Grandchildren
* Growth of Estate
* Change in Medical Condition or Heath Care Needs
* Death of Spouse
* Death of Beneficiaries

Your Will in a nutshell-

Regardless of the content, complexity and length of your Will, it shares common characteristics with all other Wills. A Will contains a statement of intent, must be signed by the Testator and must be witnessed by at least two persons (three in Vermont) who are not connected to your Estate.

Through the proper use of a Will, you have an opportunity to decide personally what will happen to your accumulated property and possessions when you are gone. It is a legal privilege to make this decision and it is an entirely personal one.

What happens if you have no Will

You must take the initiative and make what are sometimes difficult decisions in order to complete the Will-preparation process. If you do not take the initiative and make these decisions, your wishes will not be recorded, and on your death state law or a court will decide who will receive your property/possessions.

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