What is an Estate Plan?

Your estate plan is a roadmap for your wishes regarding your assets and loved ones in the event of your death or incapacity. It ensures your intentions are known and minimizes confusion and conflict during a difficult time.

Key components of an estate plan often include:

• Will: Distributes your assets and names guardians for minor children.
• Powers of Attorney: Grants trusted individuals authority to manage your finances or healthcare decisions if you're unable to do so yourself.
• Living Will: Expresses your preferences for medical care in situations where you cannot communicate.
• Trusts: Can manage assets and avoid probate court.
• Beneficiary Designations: Directly transfer ownership of assets like retirement accounts or life insurance.

Depending on your situation, estate planning can also involve:

• Business Succession Planning: Ensures a smooth transition for your business.
• Charitable Giving: Supports causes you care about.

Check out your Estate Planning skills by taking this lesson!

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