Estate planning is a process in which one makes arrangements during their lifetime in the event sickness occurs and for the disposal of the estate at the time of death. Everyone has an estate. An estate is all of the assets one owns during their lifetime. For instance, an estate may include a house, land, cars, personal property such as jewelry, memorabilia, etc.
Because we all have an estate, it is important to establish a plan so that our loved ones are not left to make these tough decisions. While we understand that many people do not like to think about death or tragic events happening, the reality is, death is inevitable and tragic events happen all the time. In life, there are many things that we cannot control. However, estate planning allows individuals to take control and make decisions for the future.
What is in an Estate Plan?
There are different tools that can be used for estate planning purposes. The tools that are used will depend on what is trying to be accomplished. Estate Plans may include:
- Last Will and Testament
- Living Will (Health Care directive)
- Designation of Health Care Surrogate
- Durable Power of Attorney
- Asset Protection
- Avoid Probate
- Decrease Estate Taxes
- Designation of how expenses will be paid
It’s never too early to have an estate plan. Establish an estate plan today!