Estate planning is not just for the wealthy; it’s for anyone who wants to ensure their assets are distributed according to their wishes and their loved ones are cared for in the event of incapacity or death. The biggest benefit of estate planning is peace of mind—you’ll know your wishes will be fulfilled for the benefit of your loved ones. At the very least, everyone should have a simple estate plan in place
What Is Estate Planning?
Estate planning is arranging for the management and distribution of your assets during your lifetime and after your death. It is an ongoing process that includes much more than writing a will. It involves making important decisions about who will inherit your property, how your financial affairs will be managed if you become incapacitated, who will make healthcare decisions on your behalf if you are unable to do so, and many more. It covers any decisions regarding money, property, medical care, dependent care, and other matters that can arise when a person dies.