At the basics, estate planning involves planning what you want to happen to your assets after you pass and simplifying their execution for your executor. However, it can go far beyond that. It can also include a living will, disability income arrangements, transfer of your businesses, name of who will care for your children, provide for loved ones and minimize taxes.
You will need to work on this ongoing process your entire life. Keep reading for more on estate planning.
Estate planning is for you
While you might think about this more as you age, estate planning is not solely for older adults. You never know how long you will live and can die at any age, so you need to create an estate plan while young.
A lot of people never plan
Many people avoid estate planning since they believe their estates are too small, too young, they find the process confusing, or they do not wish to consider their death. However, your family may not fulfill your wishes if you die without a will.
Without a plan, your state decides what happens
If you become disabled or die without an estate plan, your state court will appoint your power of attorney or executor, and it may be someone you dislike. However, the court will control and distribute your care and assets according to state policies. That means you have no control over what happens without a plan.
Knowing you have an estate plan gives you peace of mind. Be thoughtful to your loved ones and make things easier by creating your will.