Estate planning is a process involving your family, other individuals, and in many cases, charitable organization of your choice. It also involves your assets (property). Estate planning addressing your future needs in case you ever become unable to care for yourself. Through estate planning, you can determine:
- How and by whom your assets will be managed for your benefit during your life if you ever become unable to manage them yourself.
- When and under what circumstances it make sense to distribute your assets during your lifetime.
- How and to whom your assets will be distributed after your death.
- How and by whom your person care will be managed and how your care decisions will be made during your lifetime, if you come unable to care for yourself.
Many people mistakenly believe that estate planning only involves the writing of a will. However, estate planning can also involve your finances, taxes, medical and business planning. And though a will is part of the estate planning process, you will need other documents as well to fully address your needs.