- Doing Nothing.
- Joint Ownership.
- Giving Away Assets.
- Beneficiary Transfers.
- Will and Powers of Attorney.
- Revocable Living Trust.
The first four of these “estate plans” aren’t really comprehensive plans at all, but are usually the result of a do-it-yourself approach. Typically, the technical aspects of estate planning are misunderstood, and many times these “plans” result in more problems than they solve. There is really no substitute for an estate plan which is designed especially for you and your circumstances by a trained professional.
A Will and Powers of Attorney for Property and Health Care are the starting point for all estate planning. A Revocable Living Trust is very helpful if you are concerned about the possibility of incapacity.