Estate planning is an important part of planning for your future. Many people are not aware of this, but it is much better to create an estate plan now rather than later. Such a plan can help protect the future wellbeing of your family and loved ones after you are deceased.
This important process should not be set aside. That’s why it is important to understand some of the fundamentals of estate planning.
What is an estate?
Your estate is the accumulation of your personal property at the time of your death. An estate can be composed of many things, such as bank accounts, real estate, stocks and bonds, life insurance policies, and any other property such as cars or jewelry.
What is an estate plan?
An estate plan is a legal document that delineates how your estate will be managed after your death. Estate planning is the process of creating this document.
What are the benefits of estate planning?
There are many reasons to create an estate plan. For example, an estate plan can:
- Select the family, friends, and loved ones who will be the beneficiaries of your estate
- Transfer your property to your inheritors as quickly as possible, with as little legal hassle as possible
- Reduce the amount of estate taxes that your family will have to pay
- Minimize the time, costs, and bureaucracy of the probate process
- Decide the medical decisions that you would like made for you if you should become unresponsive
- Create your funeral arrangements once you are deceased
A skilled attorney who is experienced at estate planning can help you create the estate plan that is right for you. If you are interested in planning your estate, you can contact the attorneys at Ferguson Cohen LLP.