What is Estate Planning?
When tragedy strikes, you want to have a plan in place. Who should make decisions about your health care if you are unable to do so? Who will take care of your young children if something happens to you? Who should distribute your property and other assets when you die? Who should receive specific items? These issues and more can be addressed in a comprehensive estate plan.
What Is Estate Planning?
Estate planning is the process of making decisions about what happens to you and your assets in the event of death or incapacity, and creating legal documents that contain your wishes. A comprehensive estate plan may include the following:
– Last will and testament
– Financial power of attorney
– Health care directive and living will
Why Is Estate Planning Important for Families?
If you die or become unable to make decisions about your health care or finances, your family could have difficulty figuring out what should be done and who should do it. The burden on your family will be even heavier if they must go through a long and expensive probate process with the courts.