Estate planning can be defined as the method whereby people accumulate, manage, and dispose of real and personal property during their lives and after their death. What you need to include in your estate plan is dependent upon a number of factors including but not limited to your age, what your family has in assets as well as your family circumstances. An estate plan created for one person or family is not necessarily what is needed for another.
Six Reasons For Creating an Estate Plan
- A well prepared estate plan will make sure that you have control over the distribution of your assets upon your death or incapacity;
- To minimize the costs of administering your estate upon your death or incapacity;
- To reduce time delays in transferring your assets to your family;
- To minimize your estate tax and income tax liability on retirement assets;
- To maximize your privacy upon death or incapacity;
- To provide for the management of your financial and medical affairs if you are incapacitated;