Estate Planning: Protecting Your Family, Providing for Your Wishes

 

Everything you own at the time of your death may be considered part of your estate, including your home, bank accounts, insurance policies, and any of your other assets. Have you ever stopped to think about what will become of all that when you're gone? Don't assume it will be distributed according to your wishes. The fact is that if you haven't done the necessary planning, you don't have much control over what will happen to your estate after your death. A carefully developed estate plan can help make the transition to a life without you easier for your family.

 

Estate planning involves the development of strategies for protecting your assets, distributing them according to your wishes, and otherwise providing for your family. A carefully developed estate plan can help you to accomplish many estate planning goals, such as the following

:

• Provide for an orderly transfer of your property in accordance with your wishes.

• Minimize the taxes on your estate and maximize the inheritance for your beneficiaries. 

• Provide for the special needs of family members. 

• Ensure the continued operation of a family business. 

• Appoint a guardian for minor children. 

• Ensure the availability of cash to pay necessary taxes and administrative expenses.