What Is Estate Planning?
Estate planning is preparing of documents to manage a person’s assets in the event of their incapacitation or death.
It involves how your assets will be utilized, managed and distributed when a person becomes incapacitated or dies. Assets include houses, cars, stocks, bonds, artwork, life insurance, pensions, and debt.
Some people want to preserve the wealth accumulated through the years, or provide for a surviving spouse and children, some wish to fund their children or grandchildren’s education or medical expenses.
Those who have no heirs to leave their possessions, wish to leave behind a legacy with a charitable cause or a close friend or someone who has meant something to them during their life.
The first thing to plan for is to decide who you want to administer your estate. Then you should decide who will receive your assets and who will make sure all outstanding debts are paid. If you have minor children, you should establish a guardian for the children. Your plan for a funeral should also be considered when preparing your estate.
If you want more information about estate planning. Check out our Estate Planning Page.