Estate Planning -
About you, your family and your estate!
This is another topic that most people don't want to discuss or even think about. You want to make sure your children are provided for without delay following your death. Assisting your family now will make the whole experience a little less hectic in such a devastating time.

What is estate planning?
A Will - distribution of your estate, guardian of your minor children and a custodian of assets which are passed on to minors.
A Revocable Trust (Living Trust) - You are the beneficiary of your trust as long as you are alive, you designate your beneficiaries in the event of your death (similar to will), unlike a will you gain the advantage of being able to distribute your assets while avoiding courts and the attorneys. Probate can be lengthy and costly. If you have a trust, the trust owns your assets and the court has no jurisdiction over your assets. A trust also avoids guardianship. If you become incapacitated your family will have to go to court so that one of them is appointed to handle your financial and medical affairs.
Powers of Attorney - This is generally the executor named in your will. If you do not have one named, the courts will do so. This person will gather and value all of your assets, identify and pay all of your creditors and distribute your assets according to your will.
Durable Medical Power of Attorney - appoints someone to make your medical decisions for you should you become incapable of making decisions for yourself. Does your spouse know what your wishes are?

As with anything you tend to pursue, do your research. Find an attorney that is knowledgeable in estate planning. I found a lawyer in my area to do all this for as little as $1200 for myself and my spouse. This lawyer typically charges $125/hr. This cost may vary depending on your individuals needs and the area in which you live.

Another consideration for providing financial security for your children - Life Insurance - for details click here
College Savings - for details click Here