What is estate planning?


Estate planning is the process of deciding what happens to you and your belongings upon your incapacity or death. For example, when you die, who do you want to manage your estate and affairs? What should happen to your house and belongings? If you have kids, who should act as their guardians if you’re unable to do so? Do you want to go on life support in the event of a near-fatal car accident?

Why do I need estate planning?


As you can see, there are many important questions you need to ask yourself. You need to think about these important questions before your incapacity or death. Once you are incapacitated or gone it will be too late. Others won’t know who should manage your affairs and what you want to happen to your personal property. Also, if you die intestate (i.e. there is no Will in place), the courts and your state law will determine what happens to your property. This may or may not coincide with what you actually would want to happen. Every adult, regardless of whether there are children, needs an estate plan in place.

How do I manage my estate planning?


Now that you know more about estate planning and why you need it, the next step is learning how to manage this process. Your estate plan should be customized to meet your individual needs. There is no “one size fits all” approach. That’s why it’s important to work with a qualified attorney. Your attorney will get to know you, your family, your assets and your liabilities. They will then help you develop an overall estate plan to manage your personal affairs. Learn more about how to get started with estate planning. Once your estate plan is in place, check in with your attorney every few years to see if your documents need to be updated.

Discover professionals in our network


Finding a professional in your area to help you improve your estate plan is another excellent step on your journey to create wealth and financial freedom. A professional, such as an estate planning attorney, has first-hand knowledge and experience with estate planning. These professionals can answer any questions that you may have regarding your unique circumstances and help you customize a strategy that will best fit your financial needs.

Explore our personal finance insights


Looking to learn more about estate planning? Immerse yourself in our insights that focus in more detail on how to better understand, manage and improve your personal finances.

 

 


Ready to start estate planning? Estate planning is one of those items on many people’s to-do list. But, how do you EVEN start estate planning? Having an estate plan in place can give you great peace of mind. Your family will know what to do in the event of your incapacity or death. Explore these…