What is Estate Planning? Estate planning is the process of creating a plan for your legacy, protecting your loved ones and assets, and offering guidance. It involves professional advisors, including lawyers, accountants, financial planners, and others, who understand your goals and family structure.
Who Needs Estate Planning? Everyone needs estate planning. Children under 18 are covered by their parents' estate plan, while adults should have their own plans tailored to their goals, finances, and family situation.
When Do Children Need Their Own Estate Plan? Children should have their own estate plan once they turn 18, as they become legal adults. Without legal documentation, parents cannot make decisions on their behalf.
Why Do I Need Estate Planning Documents? Estate planning documents are like instruction books for your trusted helpers. They provide guidance to those you select to assist you. These documents are written in plain English for readability.
Who Are Trusted Helpers? Trusted helpers are individuals who assist in carrying out your estate plan, such as health care agents, financial agents, guardians, and trustees. They must follow your instructions and the law.
What Is a Trust? A trust is a contract containing your instructions for managing assets. Revocable living trusts are common and allow you to serve as your own trustee during your lifetime.
What Is a Will? A will appoints an executor, guardians for minor children, and distributes assets. It's essential for making your own decisions.
Living Will vs. Will A living will addresses end-of-life medical decisions, while a will appoints executors, guardians, and distributes assets after death.
How to Name Guardians for Children? Guardians for minor children are named in a will. Contingent guardians should also be named in case primary guardians cannot serve.
What Happens Without an Estate Plan? Without an estate plan, the court and state law determine important matters, including child guardianship and asset distribution.
Do I Need Life Insurance? Life insurance is necessary if someone depends on your income for support, such as children, spouses, or partners.
Do I Need Disability Insurance? If you rely on your income to pay bills and support loved ones, disability insurance is crucial to provide income if you're unable to work due to illness or injury.
Why Avoid Probate? Avoiding probate saves time, costs, reduces stress, and keeps family affairs private.
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