Don't leave your estate to chance - make sure you have a solid plan in place that protects your assets and your heirs. Estate planning involves preparing for how your assets will be transferred or disposed of in the event of your death. Components of an estate plan will depend on a person's individual wishes, but some of the most common questions to consider include:
How are your assets titled and who are the beneficiaries?
Do you need a Trust, Will, or Power of Attorney? If so, do you have one?
Do you need life insurance for your heirs?
Do you know what will be subject to
Estate planning is important because it allows you to make decisions that determine how your property will be distributed and who it will be distributed to. In addition, if minor children are involved, it's essential that there's a plan in place for who will be responsible for taking care of them in the event of death. While no one likes to think about the unexpected, having a solid estate plan in place will provide clear and concise directions on what your wishes are.