What is Estate Planning?
Okay, let’s take a quick poll … How many of you know what estate planning is? And how many of you actually have an estate plan in place?
Some of you? All of you? None of you?
Well, if it is all of you, then I’m super proud to know such smart people.
But if it’s none of you, then maybe it’s because you think it’s unnecessary. At least not yet. That you’re way too young to have to worry about such things. Or that you don’t actually own anything of major value, so there’s no reason to set up an estate plan.
But here is where you may want to rethink that misconception.
Why? Because estate planning is way more comprehensive than you think it is. There’s more at stake than you may immediately consider. Which makes it more important than ever to get these details nailed down.
With this next post, you’ll learn why estate planning is so important, and how you can get started with an actual estate plan.
So buckle up, my friends. Because we’re headed down the knowledge super-highway of estate planning.
The following article was originally published on The Money Mix, and is being republished with permission.
Estate Planning Basics
For many people, the first thing that comes to mind when you hear the word estate is a fancy house with land in another country. But an estate is everything you own or control, including property, assets, and debts. And unless you plan to live forever, it’s best to have a plan.
Let’s take a walk through the basics of what your estate plan might include and what options are available. Estate planning isn’t just for the rich and famous. If you have minor children or pet, or any kind of property or assets, you likely want a say in what happens to them when you are gone. Your needs may vary but almost everyone can benefit from having an estate plan.
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