Estate planning is the process of figuring out what will happen to your stuff after you die. It’s coming up with a plan for your assets and then writing your plan down in a way that’s legally valid (and that a court would recognize as enforceable).
Having an estate plan can be an important way to:
“I made my money the old-fashioned way. I was very nice to a wealthy relative right before he died.“
An estate plan is basically a collection of documents and might include the following:
Estate planning isn’t just for the rich. If you have kids and you don’t have a will, it could be up to the courts to decide who takes care of them if you die. If you’re in a relationship but not married, your partner could get left out in the cold if something happened to you.
Estate planning might not be the most pleasant thing to think about, but it can help save your family and friends a lot of stress if something happens to you. To start:
“Death is not the end. There remains the litigation over the estate.“
Estate planning is the process of deciding and putting in writing what happens to your assets after you die. An estate plan gives you the control to provide for your family if something happens to you and can help your assets reach your loved ones faster (and potentially with less in taxes skimmed off the top). A professional estate planner or an attorney can help you consider options and develop a legally enforceable plan.