What is Estate Planning?
Like many individuals, you may at first think that estate planning is simply the writing of a will. However, it encompasses much, much more.
Estate planning is the process that involves the ownership of your assets, and how they will transfer to the heirs of your choice.
As you plan your estate, you will consider:
- How your assets will be managed for your benefit if you are unable to do so
- When certain assets will be transferred to others, either during your lifetime, or sometime after your death, and to whom those assets will transfer
- Who will be responsible for the care and future of your minor children or loved ones
Estate planning also addresses your welfare and needs, and the planning for your own personal health care if you are no longer able to care for yourself.
The important documents that are included in a basic Estate Plan are the following:
Who Needs an Estate Plan?
In order to answer this question, you must first ask yourself the following. Do I want the assets I have worked for my entire life to transfer to my loved ones or would I prefer the Government to decide who receives what? If I become sick and unable to take care of myself, is it best for my designated love ones to decide what is best for me or the courts? If you are more confident in those close to you handling and caring for your wishes then you need Estate Planning.