What is included in my Estate?
When most people think of an estate, they think of a large, lavish home on a sprawling property. And since most people don’t have that, estate planning may seem unnecessary. But despite the name, you should still plan your estate even if you aren’t wealthy. You should use a will, trusts, or other estate planning documents if you own any assets or have a family. This will eliminate confusion and stress for your family members after your death, and make sure they receive any assets like vehicles, property, and heirlooms that you wish to pass on to them.
What is Estate Planning?
Estate planning is the process of creating legally valid documents that distribute your assets and address other relevant issues after you pass away. Your will, can be used to designate who should receive your property and possessions, but also who should be the guardian of your children if you pass away while they are still minors. There are several types of taxes that could apply to your estate, like estate taxes and gift taxes, that estate planning can help you avoid or minimize. Estate planning allows you to choose your own executor, who will take the lead on the probate process and make sure all of your beneficiaries receive what you left for them. You can also create documents like a health care power of attorney and living will that will let doctors know how to proceed if you are incapacitated and unable to give consent to medical treatments.