First off – what is an estate plan and why it is important?
An “estate plan” is the plan that controls what happens to your things when you die. Sounds simple enough, doesn’t it? But what is an estate? Rich or poor, single or married, young or old – everyone has an estate. Your estate is comprised of everything that you own. This includes your house, your car, your bank accounts, your furniture and jewelry – everything. If you own it, it is in your estate. Since an estate is so all-encompassing, you can start to see right away why it is so important to have a plan for these things. Whether you have a lot or a little, you still want your estate to pass in a manner that is in accordance with your wishes. In order to do this effectively, you need an estate plan.
You can find out more about what goes into an Estate Plan here.