What Is Estate Planning? Estate planning encompasses several things. The most common is known as a Last Will and Testament. You may have heard of a Will, but do you really understand their purpose?
Estate planning allows for the creation of a plan that reflects your values and desires for your assets. There is no “one size fits all“ approach that can be taken in this planning. These plans must be customizable to each individual’s needs.
Without having, at minimum, a Will in place when you pass away, your estate will go into probate. Probate is the legal process of determining who will acquire the assets of your estate. This process will have to take place with or without a Will, but a Will spells out your intentions for distribution of your assets and the courts usually go along with what you have spelled out in the Will.
What if you still have minor children at the time of your passing? Who will get insurance payments? Who will take care of your children and their needs? Setting up a Trust and a Trust Administrator will ensure your family is cared for long after you can no longer make the important decisions.