Many people think of a last will and testament when they think about estate planning. However, an estate plan can involve much more than the distribution of your assets. An estate plan can involve several different documents, which each serve a different purpose. Almost everyone should have an estate plan because almost everyone could benefit from at least one of the documents that an estate plan can include.
If you put the right estate planning documents to use, you could:
- Plan for your needs in case you become incapacitated
- Name guardians for minor children
- Minimize the time your estate spends in probate
- Protect family wealth
- Support a beloved charity
- Determine who will receive which assets and under what circumstances they will receive them