Estate planning is the process of formulating arrangements for you and your assets in case of your incapacitation or death. Estate planning is very different from traditional forms of financial planning such as retirement planning. Estate planning involves preserving, managing, and distributing an individual’s assets when they pass away while setting up certain mandates in case of incapacitation. Depending on the client’s wishes, there can be a variety of answers that can address the client’s needs.
However, one of the main points of an estate plan is to establish guidelines to avoid conflicts from arising. While a loved one’s death is very tragic, it common that conflicts arise as to how the loved one’s assets will be distributed. This is a very unfortunate reality that can cause families even more pain than they are currently going through.
Establishing an estate plan will make sure there is no confusion as to who will receive what assets and the manner in which the assets can be used. As for the mandates, they will serve to give power to the people you trust the most and directives to health care professionals in case of incapacitation.
About the Author
