Estate planning is a crucial process that involves making arrangements for the management and distribution of your assets and financial affairs during your lifetime and after your death.
Estate planning allows you to have control over how your wealth and property will be handled, ensuring that your wishes are followed and your loved ones are provided for.
Anyone who wants to protect their assets, ensure the smooth transfer of wealth, minimize taxes, and make decisions about their healthcare and legacy should consider estate planning.
The cost of estate planning ranges from a few hundred to several thousand dollars, depending on the complexity of the estate, the services required & the fees charged by professionals.
Estate planning provides several benefits, including the ability to protect assets, minimize taxes, avoid probate, designate guardians for minor children & ensure the smooth transfer of wealth.
An estate plan typically includes a will, trusts, power of attorney for financial and healthcare matters, advance healthcare directive (living will), and beneficiary designations.