![]() The Four Important Estate Planning Factors ![]() Give you and your loved ones peace of mind.Allow someone to make health care decisions on your behalf if you become incapacitated.No one wants family turmoil! At the end of your life and after your passing, the documents in an estate plan give your loved ones the information they need to make sure the right decisions are made on your behalf, and your assets are smoothly passed down according to your wishes. Sometimes, if there is no estate plan to refer to, it can even cause conflict among family members. Without these important documents, your family may be burdened with many obstacles at the end of your life. 1 Many of us think of wills as the main element of estate planning, but appointing a designated power of attorney, creating a living will, and establishing beneficiaries are all essential parts of your estate plan.Īn estate plan is truly a gift to your loved ones. Though most older adults acknowledge the importance of estate planning, nearly half of Americans over 55 do not have a will. Your estate includes your home, vehicle, bank accounts, businesses, investments, real estate, life insurance, possessions, and any debt you owe. What Makes up an Estate?īelieve it or not, everyone has an estate. Planning ensures that your property and wealth are transferred as you wish, and the right decisions will be made if you are unable to communicate your wishes. Even those of us who have made a modest living should make a plan. Each record in the estate plan has a unique purpose and directive some even appoint a representative to make health and financial decisions on your behalf if you're unable to do so.Ĭontrary to popular belief, estate planning isn't for the well-to-do! Whether you have a little or a lot, we all have one thing in common: We can't take any of it with us when we pass away. What Is Estate Planning, and Who Needs It?Įstate planning is the task of establishing a collection of legal documents that outlines what should happen to your estate upon your death and while you are still alive.
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