Do you have an estate plan?
Estate planning, or end-of-life planning, is one of the most important things you can do for yourself and your family.
Your estate plan is a roadmap for who will take care of your children and/or pets and who will inherit the assets you worked so hard to accumulate when you pass on. Estate plans can also dictate who will make decisions about your medical care if you are unable to make decisions for yourself. Without an estate plan, the laws and courts in your state will make some of those decisions for you, and they may not know your wishes.
End-of-life planning is essential for everyone. However, estate planning is also one of the easiest things to put off, because no one likes thinking about what will happen after they die. In fact, a study by AARP found that nearly 60% of American adults don’t have a will or living trust.
We know that it can be tough to get started on end-of-life planning. That’s why we put together this simple guide for you. We will walk you through the basics of estate planning step-by-step.
What is an estate plan?
Simply put, an estate plan is a guide for your loved ones, trusted professionals, and the courts to make sure that your wishes are fulfilled when you pass away or are incapacitated.Your “estate” is all of your property and assets, including your home, personal property, financial assets, family heirlooms, valuables, and even digital currency.An estate plan consists of multiple different documents that cover how to distribute those assets, who will care for your dependents, and how to manage your healthcare emergencies.The specific documents and pieces of your estate plan will vary according to your family, situation, priorities, finances, and the state you live in.
Trustworthy is an online service providing legal forms and information. We are not a law firm and do not provide legal advice.
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