Articles

Estate Planning

Estate planning may be defined as a plan to distribute the assets you have acquired throughout your lifetime before or after your death. It includes planning for your retirement, for the possibility of disability, and for death. When you make decisions for your estate plan you will consider a wide range of legal, financial, emotional and logistical issues.

To put it simply, estate planning (if done properly) permits through legal recognition the management of our assets by people or institutions of our choice when we become unable to do so for ourselves, regardless of the reason. Estate planning also allows for a change of ownership of our assets to those people or institutions we want to own our assets upon our death without needing court intervention to make it happen.

Additionally, we can determine and communicate to medical professionals the type of medical treatment we want when we become unable to make our desires known through our speech or actions and we can choose who we want to enforce those choices. Planning means we do all of this before the point in time when we can no longer make these decisions, either because we lack the ability to make rational decisions, or we’ve passed away. Estate planning is a lifelong process in which you evaluate your present situation and plan for the future.

Despite the way it sounds, estate planning can be a positive experience since it involves planning for your future and the future of your loved ones. Although most people find it unpleasant to think about the possibility of disability and/or death, advance planning is a way to show your love for your family and also to reduce their potential distress.

Now that you know what estate planning is, you can get started with yours. In doing this, you may have a few questions that need to be answered. You can have these questions answered by clicking one of the links below:

Purpose Of Estate Planning
Here you can learn why it is important to plan your estate, as well as the questions that will need to be answered when planning your estate.

Estate Planning Options
There are a variety of options available when planning your estate. From the general (such as a living trust) to the very detailed (such as who you are allowed to leave your assets to), you will learn here what these options are.

When To Begin Your Estate Plan
Here you will learn when to begin planning your estate, as well as why it is so important to do it now.

Who Should Have An Estate Plan
Many people don’t know they have an estate, and even more don’t believe that they should create an estate plan. If you are unsure, you can read here to learn what an estate technically is, as well as who should have an estate plan.