Estate Planning

Why you should prepare an Estate Plan

It is a common misconception that estate planning is important for only the wealthy or elderly. By investing the time now to plan your estate you could possibly save your loved ones months if not years of agony and literally thousands of dollars in court fees and/or estate taxes.

What is an Estate Plan

An estate plan is a written expression of how you want your assets to be owned, managed and preserved during your lifetime and how you want them to be disposed of upon your death.
 

What is Estate Planning?

Arranging for the distribution of one’s wealth is what estate planning is all about. A critical part of estate planning is creating documents that outline your wishes for distributing your assets after you die. Every individual has an estate plan. If you do not have a formal written will or trust, your estate plan is created out of default by your state. Every state in America has laws governing the distribution of property when a person dies without a will or trust. If you have not made any provisions for the distribution of your estate before you die, your estate would be distributed according to your state’s “interstate succession” statutes which provide for the distribution of your estate.