Everyone has an estate of some sort regardless of what they own: a vehicle, a home, real estate property, bank accounts, or personal possessions. Your estate may be modest, or it may be vast. Either way, when you pass away, these items need to go somewhere. You can choose to give this estate to your loved ones, or it can be donated to your preferred charity. In order to get everything in order ahead of time—when you are able to make sound decisions—it is beneficial to meet with an estate planning attorney who can walk you through the process. What You Can Include Instead of leaving your entire estate to just one party, estate planning allows you to diversify your wishes. This can include:
- Naming a guardian for your minor children, if you predeceased them.
- Providing insurance information for replacing your income if you are injured or disabled, insurance for long-term care, etc.
- Transferring ownership of your business after death or retirement.
- Setting up a Trust for your minor children.