Estate planning encompasses your plan for naming who you want to receive your assets after you die.
Everyone essentially has an estate – it’s your car, home, rental properties, investments, life insurance, bank accounts, digital assets, and life possessions. Making a plan for how your estate is distributed and to whom ensures that you stay out of probate and pass more on to your heirs.
While your estate plan is an ongoing strategy that you map out with an attorney, there are common documents that are part of it: a Will, Living Trust, Powers of Attorney for your assets and healthcare directives, customized tax planning, and other more complex components of a customized Trust. The overarching goal is to protect your assets while you are living and make sure that your wishes are carried out after you die so that your loved ones have an easier process and your assets are maximized. Since no one knows when they’ll die and 70% of us will become incapacitated before we do – there is no time like the present to get started.