You may have heard the term “estate plan” without being sure what it means, or you might think only the elderly or wealthy need to have one. The fact is, everyone who has children or assets needs an estate plan. If you do not make your wishes known while you can, someone else will make them once you are gone.
Although some projects are suitable for DIY, estate planning is not one of them. Planning your estate is best done with the help of an experienced lawyer.
What Is Estate Planning?
Your estate includes all the possessions and assets you accumulate through life, such as real estate, cars, stocks, bank accounts, and personal items. Estate planning lets you:
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Decide how you want those assets distributed after your death
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Preserve the value of your assets
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Minimize tax burdens for you and your beneficiaries