Besides making sure your assets get to the people you choose, planning can help minimize income, gift and estate taxes, too. Without an estate plan, and specifically a will, the laws in your state will determine what happens to your possessions, and the courts will decide who gets custody of your children.
What is estate planning?
Think of estate planning as a road map for making sure your wishes are carried out when you pass away or are unable to make decisions for yourself.
It’s an umbrella term used to describe multiple different documents that help outline your health care wishes, how you’d like your assets and possessions to be distributed and can even name who you’d like to care for your children, dependents and pets.
What’s the purpose of making an estate plan?
The reason an estate plan is so important is that without it, your assets can wind up in legal limbo for years. This can put an unnecessary burden on your heirs and other family members who are left to deal with sorting out your finances. Besides making sure your assets get to the people you choose, planning can help minimize income, gift and estate taxes, too.
Without an estate plan, and specifically a will, the laws in your state will determine what happens to your possessions, and the courts will decide who gets custody of your children.
checklist to start or complete your estate plan today:
- Will (last will and testament)
- Life insurance
- Medical POA (power of attorney), aka health care proxy
- Financial POA
- Living will
- Beneficiary designations
You could head start at legacyshield.com or estateguru.com ;
please reach out to our email myfinwealth@gmail.com to get the discounted rate as low as $100.
