Estate planning is the process of creating a legal document that outlines how your assets will be distributed after your death. This includes your property, investments, and other valuable possessions. It also involves planning for your healthcare needs in case you become incapacitated..
Yes, even if you’re young and single, it’s a good idea to have an estate plan in place. Accidents can happen, and it’s important to have a plan in place to ensure your assets are distributed according to your wishes.
A typical estate plan includes a will, trust, power of attorney, and healthcare directive.
A will is a legal document that outlines how your assets will be distributed after your death. A trust is a legal arrangement where you transfer your assets to a trustee who manages them for your benefits or the benefit of your beneficiaries.
It’s recommended to review your estate plan every 3-5 years or whenever there is a significant life event, such as a marriage, divorce, birth of a child, or purchase of a major asset..
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