what is an estate plan

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An estate plan is acollection of legal documents that lays out your intentions and expectations for two general situations:What happens to your assets after you pass away What happens when you can no longer take care of yourself or your estate

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  • What is the purpose of an estate plan?

  • Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Next Up.

  • What is included in the estate planning process?

  • Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Estate Planning Basics.

  • How to plan an estate with 12 simple steps?

  • 12 Simple Steps to an Estate Plan. 1 2. Consider a trust. If you hold your property in a living trust, your survivors won’t have to go through probate court, a time-consuming and … 2 3. Make health care directives. 3 4. Make a financial power of attorney. 4 5. Protect your children’s property. 5 6. File beneficiary forms. More items

  • What is the impact of good estate planning on a family?

  • Estate planning is not just for the wealthy either, although people who have accumulated wealth may think more about how to preserve it. Good estate planning is often more impactful for families with modest assets because the loss of time and funds as a result of poor estate planning is more detrimental.

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