Estate planning is the process of designating the distribution of your assets upon your death. It also dictates how your affairs will be conducted, if you are no longer able to make these decisions yourself.
It’s not just for the wealthy or elderly people? Regardless of your age or the size and complexity of your estate, a good estate plan should:
- Identify the family members and other loved ones that you wish to receive your property;
- Ensure that your property will be transferred to those you have identified; and
- Minimize the amount of potential taxes and fees that may need to be paid.