Estate planning is an often overlooked topic during the financial planning process. Discussing estate planning with others can be uncomfortable and easily avoided, yet this is an important part of financial planning. Every adult with at least a modest net worth or who is in the process of building one should have a solid estate plan. The pandemic and inflation that followed has prompted more Americans to realize the need to have an estate plan in place, for their own security and well-being, as well as for their potential beneficiaries. Read on to learn what estate planning is about, so you can start to determine how it may apply to you.
What Is Estate Planning?
Estate planning includes a “last will and testament” as well as key elements, such as power of attorney, trusts and medical directives (also known as a living will). This process enables a family to ensure their investments and other assets will be protected during disability or illness, and properly distributed after their death while taxes and probate are minimized or avoided.
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