Estate Planning involves planning to effectively manage your property while you are alive and preparing written instructions arranging for the passing of your property to your family and/or selected beneficiaries upon your death with as little fuss and expense as possible. Planning your estate may involve making gifts, buying insurance, and creating a will, living trust, health care directives, durable power of attorney for finances, and/or other documents.
Estate planning is a process which involves the creation of an original estate plan and updating this estate plan as circumstances change and the law evolves.
Through estate planning, you can determine:
Many people mistakenly think that estate planning only involves the writing of a will or preparing a trust. Estate planning, however, can also involve financial, tax, medical and business planning. A will or trust is only part of the planning process; you will need other documents as well to fully address your estate planning needs.
It is also important to keep in mind that estate planning is not just for the rich or well off; everyone needs an estate plan.
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