Estate planning is the management, preservation and the distribution of your assets, both during your life and upon your death.
Your “estate” is all of your assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property and even your personal effects. Estate planning is necessary to ensure your assets are distributed as you want and your wishes are carried out in the event of your passing or incapacitation.
An “estate plan,” generally, refers to the way your estate is passed on to your loved ones in the event of your death.
Do you have your estate in place or will you use the one provided by the legal system?