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An estate is everything you own, your house, life insurance policies, bank accounts, a car and all your belongings. Part of your estate can include your debts and loans. Most people don’t think about their estate until it’s too late. There’s an old saying, “you can’t take it with you.” Your heirs will have to deal with your estate after your death. It can help if you make a plan to make the legal process less complicated.
What Is Estate Planning?
Estate planning is just having a plan for your death or disability. When you die, you can outline how your estate is managed in your will. Estate planning encompasses more than just a will. It’s a plan that passes on your values to the next generation. Your estate plan includes provisions on what happens if you become disabled or unable to manage your own finances. Part of your estate plan can provide for your minor children until they become adults in their own right. If you have family members with special needs, your estate plan can help them.
Estate planning includes dealing with a business, for when you retire or become disabled, not just for when you die. Many times, people try to minimize taxes for their beneficiaries as part of the estate plan. Having a will and other devices can also decrease court costs and time spent in probate. Your estate plan thinks about how to transfer property to your heirs without a lot of complications.
Estate Planning Is For Everyone of All Ages
It’s easy to want to put off estate planning. No one likes to think about their mortality. We can’t predict when our life will end, though. If you were to have an accident tomorrow, how would your family deal with all of the aspects of your death? You may think you don’t have much to leave, but without an estate plan, the little you do have could be taken up with legal fees.
Regardless of age or financial situation, you probably do own some property, such as a car or bank account. Without an estate plan in place, the state has laws that govern how your property is managed at your death or disability. Probate laws determine how your estate is divided. You won’t have a say in how much your children or spouse receive.