As this video explains, estate planning is creating a plan for your estate after your death. It may include writing a will, creating an estate plan for your business, or both. In addition to determining the fate of your assets after your death, estate planning can also help protect your family from financial hardship. It’s prudent to discuss with your attorney what documents are necessary to ensure you have proper documentation for your estate planning.
To start, understand your personal financial situation. The second step is determining the number of assets you must leave behind for your heirs. It’s not enough to know how much money you have. You also need to consider any property or assets already part of your will or trust and any debts you still owe. Estate planning will help ensure everything goes smoothly after death and prevent confusion about what happens next for each person involved in the estate process.
Estate planning involves the creation of a will, a trust, and other documents to ensure the right people get their share. It can also help avoid expensive and time-consuming probate court proceedings.