Most people don't realize that having a will does not avoid the agony of probate court or that thousands of dollars could be coming out of their estate needlessly to pay federal taxes, attorney and administrative fees, gift and inheritance taxes, filing fees, in addition to exposing your estate to public scrutiny.

Without a complete estate plan the probate court could step in to take control of your life and your estate. If you become incapacitated or incompetent that state could control what happens to you and your property by appointing a guardian who would decide what is best for you and your property. After death, the probate court could control what happens to your property and charge your gross estate 4 to 10 percent for doing it, in addition to other costs and fees.

All of this can be avoided with estate planning that includes a revocable living trust: in life your estate would be protected if you became incapacitated or incompetent; in death a living trust would direct who takes your property so it is passed to your loved ones as efficiently as possible and with as little taxes as possible.

In general, the larger your estate the more you should have an estate plan which includes the following documents

- Revocable Living Trust Sets up a trust that may be changed or ended at any time before your death that protects your assets during your lifetime and after your death can avoid probate, save estate taxes and leave loved ones a greater estate;

- Durable Power of Attorney During your life if you are unable to make financial decisions for yourself you appoint another person to act on your behalf;

- Living Will Specifically states your wished as to the circumstances your doctor can withhold or withdraw certain life sustaining procedures;

- Health Care Power of Attorney You name a health care agent to make health care and medical decisions on your behalf if you are not able to make them yourself.

If you are interested in avoiding the problems poor estate planning could create, contact an attorney for a consultation. If is never too early or too late to consider a good estate plan!