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Estate planning: What is it and why do you need to do it?

On Behalf of | Jun 1, 2023 | Estate Planning |

You might think that you only need to worry about estate planning if you’ve got millions of dollars in property and assets. 

The truth is, however, that everyone should go through the estate planning process, no matter how small their estate is. It’s the best way to make sure your loved ones can deal with your possessions in the way you’d like after you pass away. 

What is estate planning? 

Estate planning need not be complicated. It’s simply the process of making sure you get down in writing what you want to happen to your belongings after you pass away. At its most basic, it involves administrative procedures such as drafting a will and power of attorney. 

Why should you plan your estate? 

The last thing people want after they pass away is for their loved ones to be burdened with the task of handling all their property and belongings. Having a plan in place can help significantly with this as they can just follow the instructions you’ve laid out. It makes sure your intentions are honored and that your treasured possessions go to whoever you want without issue. 

Another benefit of this is that it can also reduce the risk of family rifts or disagreements caused by family members arguing over what to do with your belongings.  

No matter how much we try to look after ourselves, life can be unpredictable and can change in an instant. Having a power of attorney in place before you need it makes good sense. It means that you have a person, or persons, ready to look out for you and your best interests if you’re no longer in a position to do this. 

It’s never too early to think about planning your estate. Find out the right steps to take for your personal situation and make sure your family knows exactly what your wishes are.