For many, the phrase “Estate Planning” sounds as though it is something only the ultra-wealthy need to do. In truth, every family, no matter their net-worth, could benefit from an estate plan.
Studies show the majority of Americans believe that all adults should have a will or estate planning documents in place, yet most report that they currently do not have such documents in place. End-of-life planning can seem morose, depressing and even a little scary. Despite these natural feelings about facing our own mortality, estate planning is a critical aspect of managing your assets and protecting your family, which is why it’s surprising that the majority of people are unprepared for the inevitable.
While the idea of Estate Planning can sound daunting, when broken down into smaller components it is a much more manageable undertaking and one that can save you and/or your family from undue stress and confusion in thefuture. Let’s take a look at the key areas of estate planning.