ESTATE PLANNING
Estate Planning involves setting up a plan that establishes who will eventually receive your assets. It also makes known how you want your affairs to be handled in the event you are unable to handle them on your own for any reason. It’s a complicated process, and it can definitely feel overwhelming. There are many components to Estate Planning, and while there’s a common misconception that it’s just about your finances, the truth is there’s a lot more to it.
There’s no denying that Estate Planning seems like a daunting chore, but it’s something we all need to face. We’ve broken the process down into easy-to-understand sections.
Estate Planning is simply the process of making it clearly known how you want your estate to be handled after you pass or if you’re incapacitated and unable to handle things on your own. The most common Estate Planning definition is — “the process of making plans for the management and transfer of your estate after your death, using a Will, Trust, insurance policies and/or other devices.” Estate Planning has been around for many years, but it’s becoming increasingly more and more common.
There are many parts of Estate Planning, but the first thing you must do is conduct a comprehensive review of your estate assets. Your estate is made up of all the property you own, including:
1) Cash
2) Cars
3) Clothes
4) Jewelry
5) Houses
6) Investments
7) Savings
8) Retirement accounts
9) Land
And more
After you have a clear idea of what your estate is made up of, you can then begin planning.
Estate Planning is important for many reasons. Perhaps the biggest benefit is if you don’t properly prepare for what should happen in the future while you’re sound and capable, you’ll have no say in how your estate is handled or what your loved ones receive when that time comes. Planning today ensures your tomorrow is exactly as you envision it.
A properly prepared Estate Plan will lay out your wishes exactly, in the most tax-advantaged manner, so you can trust there won’t be any questions, misunderstandings, or misconceptions about what you want.