Estate planning is the process of arranging the management and disposal of a person’s estate during their life and after death. It’s a critical component in ensuring that one’s assets and investments are distributed as per their wishes.
1. Wills: A legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children.
2. Trusts: A fiduciary arrangement that allows a third party to hold assets on behalf of beneficiaries.
3. Power of Attorney: A legal document giving someone the power to act on your behalf, especially vital in case of incapacitation.
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Estate planning is not just about assets; it’s about ensuring peace of mind for yourself and your loved ones.