Estate planning is the process of creating a will, trusts, and other legal documents to ensure that your property and money are distributed by your wishes after you die.
Even if you don't have any immediate concerns about your estate, it's always a good idea to plan for the future. If something happens to you (like a health problem or an unexpected death), having a document in place will make it much easier for your loved ones to deal with your situation. If you are finding an estate planning attorney near you then you may visit here.
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Types of Estate Plans
The most common types of estate plans are:
A Will – A written document that dictates how your property and assets will be distributed after you die. A will can be modified or updated as needed.
A trust – A legal arrangement in which you appoint someone to manage your assets on your behalf. You still have control over your assets, but the trustee has the power to make decisions on your behalf, including distributions of assets during your lifetime or at death.
A living trust – An estate planning option in which you designate someone (usually a family member) as the primary beneficiary of your estate who will receive your assets.
How to Create an Estate Plan
Anyone considering creating an estate plan should start by reading this simple guide. This will help you understand what is involved in setting up a will, revoking or altering a will, and naming an executor or trustee.
You may also want to consider creating a trust. Once you have created your estate plan, be sure to update it as needed, especially if any of the people mentioned in your plan pass away.