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What Is Estate Planning?

Estate planning is the process of determining who is going to be managing your assests and where they will be distributed. Your estate plan should include your wishes regarding healthcare treatment should you find yourself incapacitated. On the financial end your estate plan dictates what would happen with your life insurance, your investments, your home, your business, and any other assets you have aquired in the event you become severely disabled or die.

What Is An Estate?

The definition of Estate is everything you own including all of your assets, real property, and personal property. An Estate may include the following: Homes, vehicles, bank accounts, stocks, cash, bonds, jewelry, furniture, collectables,  benefits, retirement plan, all businesses and business interests, power of appointment (the person in charge of distributing your assets), life insurance, pension benefits, and pension plans, all debts and obligations owed.

Who Should Consider An Estate Plan?

You may want to consider an estate plan if you are a parent of minor children, you have property or other assets you want to ensure go to someone or somewhere in particular, you want your voice to be heard in your healthcare plan even if you become incapacitated.