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An "estate plan" is essentially a blue print - a set of babysitter instructions by which you direct how your assets ("your stuff") is to be managed when you can't do so. This can be as the result of disability or after your death. At death, "estate administration" is the process by which your blue print is carried out. It is the process by which your stuff is transferred to the beneficiaries as directed by the estate plan. The cost and complexity of the administration process at death or disability depends on many factors such as: condition and type of estate plan; title of assets; whether a court proceeding will be required; and whether tax returns will be filed or special tax elections made.
In order for the administrative process to be successful in carrying out your blue print, the estate administration must have control over your stuff. At death title to assets pass to beneficiaries in one of three ways:
Your Will only controls property passing through the probate process. Therefore, if your Will is the document that contains your blue print, it will not control a large portion of your property. Your blue print will fail!
Successful estate administration begins with proper estate planning. Remember estate planning is not about documents it is about results. Proper estate planning requires not only documents, but also requires proper titling of assets and designation of beneficiaries. Most law offices are about documents, we at Peterson ¥ Dymond ¥ Reagor, LLP, believe that proper estate planning also includes assisting the client in proper titling of assets and designation of beneficiaries. Failure to do so will likely result in a failed estate plan.
To see what a proper estate plan includes take a look at our sample estate planning portfolio.