Basic Estate Planning Documents: Overview and Planning Considerations
Professional articles and webinars so often focus on new developments, complex or creative new planning ideas, as practitioners are always seeking to understand what is changing and new ideas that they can bring to clients. However, the “bread and butter” of many practitioners, and a focal point of discussions all practitioners in all disciplines have with clients concerns the clients will, revocable trust, financial powers of attorney and health care documents. These “basic” or “core” documents, so important to practitioners and clients, don’t seem to get the limelight in the literature that they deserve. This article will seek to provide a practical discussion of these core documents. While many of the points are familiar to practitioners, the comments should be helpful to younger practitioners, and those not fully specialized in estate planning. Also, the discussions following will hopefully include many practical pointers some of which will hopefully be helpful to even experienced practitioners.
Authors: Thomas A. Tietz, Esq., Martin M. Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished), and Abigail E. O’Connor, Esq.