Estate Planning: Understanding The Basics

//Estate Planning: Understanding The Basics

Estate Planning: Understanding The Basics

Many people consider estate planning something that doesn’t need to be tackled until they are elderly. That couldn’t be further from the truth: Estate planning is one of the best steps that you can take today to protect you, your family, and your loved ones in the future.

Don’t put off estate planning until it’s too late. To help you get started, in this post we will discuss the most important points of estate planning:

What is an estate?

An estate consists of all of the property you have accumulated by the time you die, including real estate, bank accounts, stocks, life insurance policies, and personal property.

What is real estate planning?

An estate plan is a written legal document that details how you would like your property to be managed after you have died. This can pertain to your personal effects, your real estate, and any funeral arrangements or arrangements for your minor children or pets.

Why create an estate plan?

There are many reasons to create an estate plan. Some of the best reasons include:

  • Identifying the beneficiaries of your estate, like your spouse, children, and loved ones
  • Making sure that your estate will be handled as quickly as possible, with minor legal hurdles
  • Reducing the amount of taxes accrued by your estate before it passes to your beneficiaries
  • Minimizing the time, burden, and costs of the probate process
  • Deciding the funeral arrangements that you would prefer
  • Planning the medical decisions you would like to receive should you become unresponsive.

Taking on the challenge of creating an estate plan can be daunting. If you are interested in creating an estate plan, you can contact the experienced estate-planning attorneys at Bruner Wright, P.A.

2018-08-01T17:09:35+00:00 October 27th, 2017|estate planning|