Estate Planning is a lifetime plan. You do not have to be retired or wealthy to plan. A plan you establish as a young adult may be updated or changed from time-to-time. At first, there may not be enough assets for a trust, and then children may join the planning picture. Now there is need for a bigger plan to include guardians, life insurance, and college funds. Now a Trust becomes a practical vehicle for letting others know your wishes.

 

Estate planning is the act of preparing for the transfer of a person's wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one's estate. The purpose of Estate Planning is to allow an individual to decide exactly who will benefit from their estate, and to what extent. Estate planning also ensures that the estate will not be destroyed by taxes imposed on the transfer of assets at death. When no estate planning documents have been executed, a conservator of the property who is appointed by a probate court judge may be the only solution.