What is Estate Planning?
Estate Planning is not just for the wealthy. In fact, nearly everyone has an estate – even you. Your estate includes everything you own, such as:
- your car
- your home
- other real estate
- checking and savings accounts
- life insurance
- personal possessions
No matter the size of your estate, everyone has one – and you can not take it with you when you pass away. When that finally occurs, how will you want your estate handled? Who do you want your assets to go to? What do you want your legacy to be? How will you help your family? How should your estate taxes be settled?
Estate Planning is simply the process of answering those questions, planning for the future, and making sure your wishes are carried out after your death or if you become incapacitated.
Most Estate Plans are set up with the help of an attorney experienced in estate law. Estate Planning is an ongoing process and should be started upon reaching age 18. It is always best to start Estate Planning at a young age. It should not wait until one has any measurable asset base. However, that does not mean it is too late for you to start now. Anytime is a good time to start the Estate Planning process.
As life progresses and goals shift, the Estate Plan should move to be in line with new goals. Lack of adequate Estate Planning can cause undue financial burdens to loved ones, so at the very least, a Will should be set up even if the estate is not large.
The Serafini Smith Law Firm is highly experienced in estate law and can guide you through every step of the process, making it efficient and stress-free. Simply call the Serafini Smith Law Firm at 281-644-0438 to schedule a free consultation.