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What Exactly Is Estate Planning?

13 Apr | By Darrek Duminy
What Exactly Is Estate Planning?
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You may or may not have heard the term estate planning once or twice in your life. It is something that, as an adult, you are faced with and need to consider at some point. But, what exactly is estate planning, how far do you have to go with it, and what should you know? While estate planning isn't openly discussed among the younger crowds, it seems like it's one of those things you just have to figure out. If you're trying to figure out estate planning and whether or not you need to do it or even what it is, you're in luck. In this article, we go over the key features of estate planning and what you need to know.


Wills


Perhaps the most well-known estate planning instrument is a will. Most people will have these at some point in their life, and if they don't, they should. Will dictate how you want your property and estate managed after you die. This includes asset distribution to your heirs and the names of beneficiaries. This is important for two reasons. It will stop disputes and help speed along with probate.


Power of attorney


There are two types of power of attorney documents. There is a health and Financial power of attorney. You can have the same person do both things or one for each. This should be a person you trust with your money and with your life. Before deciding who will be your power of attorney, you should talk to them first to make sure they're up to the task.


Trusts


For those in the know, having a trust can be a fantastic option for estate planning. This is not only good for preserving your wealth, but it can help you minimize tax obligations while you're alive and for your errors when you pass. You can put all sorts of things into a trust. This can include your home, vehicle, bank accounts, and more. You remain in control of the asset, but you don't own it. This means you can certainly reduce your tax obligations, making it a perfect option for anyone who has assets that are relatively expensive. Wealthy individuals have been using trusts for hundreds of years, and it has allowed them to preserve their wealth over that time.


Sit down with an attorney and discuss your estate planning virginia needs. Not everyone has the same, and it's essential to have the best fit for you, your family, and your wealth. If at all possible, you can also look for ways to minimize your taxes.
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