An estate plan is a set of instructions for how a person’s assets will be managed and distributed after their death. Estate planning is not just for the wealthy, and in fact, it’s beneficial for anyone who has assets and wants to control what happens to them after their death. Estate planning is especially important for people who:
- Want to ensure that their assets are distributed according to their wishes, rather than according to state law.
- Want to minimize the time and expenses associated with probate.
- Want to provide for their spouse, children, or other beneficiaries.
- Want to provide for a beneficiary with special needs or disabilities.
- Have a high net worth and want to minimize estate taxes.
In short, anyone who has assets and wants to control what happens to them after death should have an estate plan. Estate planning is an important way to protect one’s assets, provide for loved ones, and ensure that one’s wishes are carried out.