Estate planning can be a very stressful and frustrating experience. Prime yourself with this basic information on estate planning so that you can handle it with as little trouble as possible.
Estate planning goes beyond planning for death and includes paperwork for unexpected accidents that result in disability or incapacity. If something happens, estate planning makes sure your assets are handled the way you want and someone can make health decisions for you if you’re incapable of doing so yourself, among other things.
All in all, estate planning is the process of ensuring that someone can provide for themselves and their loved ones through a period of incapacity/disability. It also ensures that they can leave what they want to whom they want after passing away while minimizing taxes and unnecessary attorney fees.
Estate plans include a living trust, a will, an order on who’s to have the financial power of attorney, and a medical directive. All of these direct who will handle the assets of the planner, who can make medical decisions for them, and handle their property if they are incapacitated.
Estate planning is complex and involved. To learn more on what estate planning involves, watch the video above.