When you sit down to think about planning for your future, one thing a lot of us overlook or try to avoid is end-of-life planning. It can be uncomfortable, nobody wants to think about a time when they are no longer alive. The reality is that a very important part of planning for your future means thinking about what happens after you pass away. Part of that process means making plans for your estate. Estate planning is so important and here’s why.
What is an Estate? What is Estate Planning?
To understand why estate planning is so crucial, you need to understand what an estate is and how it applies to you. Every person who has assets in their name has an estate. It’s essentially the name for all your assets combined. Things like houses, land, investments, cars and personal property are all part of your estate. The more you have, the bigger your estate is.
Like the name implies, estate planning is just that, planning for your estate. This means deciding things like where and how assets get distributed, what happens to your remains and how your estate will be handled after your passing.
Isn’t That Just a Will?
If you’re reading this and thinking, “that sounds a lot like a will,” you’re not wrong, but there is more to it. A will is the simplest form of end-of-life planning. Wills can be contested, they can be invalid and they don’t cover everything.
So Why Do I Need to Worry About Estate Planning?
Estate planning is not just for people with large sums of money, multiple properties or tons of investments. Estate planning is for everyone, even if your only assets include your home, your car and your savings account. If you want a say in what happens to your worldly possessions, your finances, your children and even your remains you need to get a jump on estate planning.
Estate planning will give you control and peace of mind so that you know everything has been handled properly and according to your wishes. It also gives your loved ones a sense of relief. If your estate is not planned for they are burdened with the hassle of dealing with that and it most likely won’t be a smooth ride, so save everyone the headache and start your estate planning long before you need it.
Looking for highly trained attorneys who specialize in estate planning? Give Mestayer Law Firm a call today. We are ready to help you get prepared for whatever life throws your way. 228-762-1193
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This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors or mistakes.