Why Estate Planning ?

Estate planning is used while you are alive and upon your death. It is arranging your affairs so that things will be easier for both you an your heirs.

"Estate planning" is a broad term that encompasses many important issues. Most of you think it is just about dying, but it's not. Estate planning is planning that you do for yourself as well as for your heirs. Your estate plan is used while you are alive and upon your death. It is all about arranging your affairs so that things will be easier for both you an your heirs. It allow you to do the following:

• Name a guardian if you have dependent children

• Name the executrix of your choice for your estate

• Have your belongings distributed according to your wishes at the time of your death

• Reduce or eliminate estate taxes

• Identify your assets and liabilities in order to plan for your family's protection in the event of an untimely death

• Help your heirs settle your affairs

• Protect yourself during a period of possible physical or mental incapacity

• Provide direction to loved ones if you are ever in a permanently unconscious state

• Possibly avoid probate

Now, if you have done nothing to address the fact that you have an estate or need to care for minor children, the state where you reside will step in. Through its law of intestacy (a term meaning that you have died without a will), the state will designate who your heirs will be and what property they will receive. The state will also appoint a guardian for your minor children. Whether your estate is large or small., I can guarantee that there will be family feuds over who gets what and who cares for the kids unless you have spelled it out. It's not a pretty sight!