What is Estate Planning? Understanding The Basics Of Estate Planning

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By : Raam Dhakad

KYD - Personal Finance

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All that remains after hard work in life is the accumulation of wealth, property and other personal belongings.

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No matter how bossy you are, those things have to go somewhere after you're gone. This is where estate planning comes in.

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It is dedicated to your estate as to what will happen to your property after your death. This allows you to formulate who will own your property.

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Estate planning is essential to ensure that your wishes and goals are followed at the end of your life.

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Importantly, an estate plan also outlines what kind of care you'll want if you become incapacitated, and who will handle your affairs if you can't.

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This is often done with the guidance of an attorney, one goal being to determine how the heirs and beneficiaries will receive the assets.

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Some people believe that this is true for those who have a lot of wealth. But contrary to popular belief, estate planning is for the good, whether you have little or a lot.

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However, none of us can take our property with us when we die. So even those who lead a modest life should have a plan.

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This plan ensures that your assets and money are transferred as per your wishes, and the right decisions are taken in case you are unable to communicate your wishes.

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Recent economic uncertainty has proven that unexpected deaths are frequent, yet few Americans have a definite estate plan in place.

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More than half of adults in the US have nothing to say about how their property will be managed after their death.

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Few have experienced or heard of family conflicts arising from the lack of estate planning or wills. Have you thought about who will inherit your property?

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