What it is
Estate planning is the process of arranging what will happen to the things you own after you die or become incapacitated.
You’ll decide who’ll receive your assets, how your wealth will be distributed, and who’ll be in charge of making sure your plans are followed.
What it means for you
Good estate planning helps ensure that the wealth you’ve accumulated is properly managed and passed on to your chosen beneficiaries.
It can ease the burden of end-of-life arrangements for your loved ones in the event of your passing or disablement.
This process typically involves getting in touch with an attorney, listing your assets and debts, and writing a will.
Assets you should plan for include real properties like houses and vehicles as well as financial assets like stocks, bonds, and savings accounts. Your plan should also account for other valuable items like fine jewelry and collectibles.
While estate planning is typically associated with the wealthy, you don’t have to be rich to set up an estate plan. Anyone can do estate planning to ensure their wishes are honored and their loved ones are cared for.
