Your minor children or other dependents are cared for in the event that you die sooner than expected.There is no fighting or disputing over how your assets should be handled.Your assets are properly handled, according to your desires, following your death.The main purpose of estate planning is to ensure that: Almost everyone has an estate, even if that just includes your car, your home and your bank account. There’s a tendency to think that it’s necessary for you to have a large sum of money or property in order for estate planning to be required. You can read more about the differences between estate plans and written wills here. On the other hand, an estate plan can include these things but also includes details about how you want to be cared for in the event that you become very ill or incapacitated, as well as who you want to care for your spouse or minor children who are left behind in the event of your untimely death. It specifically lays out where your assets should go, who your beneficiaries are, and who your executor is (the person in charge of carrying out the orders in the will). In general, a will serves as the foundation of an estate plan. However, there is a slight difference between the two processes. Sometimes the words “will” and “estate plan” are used interchangeably. What Is The Difference Between Will and Estate Planning? Provision of access to digital assets (i.e.Compiling a list of important financial documents.Creating a letter of intent or a letter of instruction. ![]()
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