Estate planning is the creation or preparation of documents that address what you want to happen to yourself or your property should you become incapacitated or deceased.
Wills/Codicils (an amendment or change to a will), Durable Power of Attorneys, Medical Advance Directives, and Trusts are all documents used to create your own unique estate plan.
You may find yourself asking, “Why do I need an Estate Plan?”. Having an estate plan provides your loved ones with your wishes concerning medical care at a time you are not able to provide them and can alleviate confusion about what to do with your property after your death. It can also help your loved ones avoid the probate process after your death and secure your assets for future generations.
Before you go, here are some things to remember about estate planning:
Property law, Estate law, Probate law – are all state specific; speak with licensed legal counsel in your state of residence.
Estate planning is for everyone (over the age of 18) not just the elderly; we don’t know how long we have or if something will happen to leave you incapacitated.
If you pass away with no will, state law determines what will happen to your property.
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