Most people associate estate planning with the wealthy – the seamless passing of assets from one generation to another. But estate planning is not just for the affluent. Everyone – regardless of age or wealth – can benefit from an estate plan because estate planning is not just about money.
Estate plans are about making sure your wishes are honored. It is a critical step for you to take and is often overlooked or ignored. Whether you are billionaire like Warren Buffett or an average working person, it is essential to have an estate plan.
Estate planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored, and that loved ones are provided for in their absence.
With an estate plan you eliminate uncertainties over the administration of your property in life and at death and maximize the value of the estate by reducing taxes and other expenses.
Estate plans often include your care if you are incapacitated, specific final arrangements such as whether to be buried or cremated, and how you want your assets to be distributed at death. Guardians are often designated for minor children. More sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.