What are the purposes of estate planning? Identify information that would need to be obtained from the client. What other parties might be involved in the process?
What will be an ideal response?
The purpose of estate planning is to provide for the orderly distribution of one’s assets, during one’s lifetime and upon death. A successful estate plan may avoid the time and expense of probate, minimize estate and inheritance taxes, and, in some instances, qualify a person for public assistance for long-term care through Medicaid. Appointment of someone to handle one’s affairs if legally incompetent to do so can be accomplished through a durable power of attorney or trust. A further goal of estate planning is to provide financial security to the family.
Information regarding assets, income, retirement plans, insurance and the family members of the client should be obtained. There should be an estate-planning team established including an attorney, an accountant, a banker, a financial planner, a life insurance agent, a paralegal, and any other necessary party.
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