Estate planning is a crucial process that helps individuals prepare for the future and ensure their assets are distributed according to their wishes after they pass away. Despite its importance, many people find estate planning confusing or overwhelming.
Who Needs an Estate Plan?
Estate planning is for anyone who owns assets, has dependents, or wants to have a say in their medical care should consider creating an estate plan. This includes young adults, parents with minor children, business owners, and individuals of all income levels.
For young adults, an estate plan can designate who will make medical decisions on their behalf if they become incapacitated. Parents of minor children can use estate planning to name guardians for their children and set up trusts to manage assets for their benefit. Business owners can use estate planning tools to ensure the smooth transition of their business after their death or incapacity. [Read more…]