Written by: Liwin Troy Lee
What is Estate planning?
Estate planning is a long process. It involves your family, people close to you and possibly a charitable organizations. Estate planning deals with your assets (property) and determining the owner of the assets after you die.
From real estate planning, you determine how and whom will manage your asset when you are not able to manage it, when to distribute the assets, who receives your assets after death, and how your healthcare decisions will be managed when you are not able to take care of yourself.
Many people think that estate planning is just writing a will. Estate planning involves more than that. It involves financial, tax, medical and business planning. Writing a will is just the beginning. You need documents to support your will.
What is involved in estate planning?
The first thing you need to determine is your assets and their approximate value. Second, you need to determine who will receive those assets. Third, you need to determine who will manage those assets after you pass away. Fourth, you need to determine how you should be care when you are in old age and sick. Finally, you want to determine what happens to your remains when you die. Once you have all the answers to those issues, it is then time to see your lawyer.
Who needs estate planning?
You do. You need to have someone manage your assets whether it is big or small when you are unfit to do so. If you asset is small, you should decide who will get your assets after you die. If you assets are big, you should speak with your lawyer and decide how your assets should be handled.
Sources
Estate planning
Estate planning- what you need to know
estate planning
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