What comes to mind when you hear the term estate planning?

Estate planning is the process of caring for yourself and your assets while you are living, and planning for the orderly transfer of assets to other persons and organizations– both during your life and afterwards.

Why do estate planning?

• Ensure that the wealth you have accumulated over your lifetime goes exactly where you want it to go and when. If you don’t have a will or living trust, the state will impose a distribution plan for you, which may or may not match your wishes.
• Give directions to be followed in case you become incapacitated and can’t make decisions for yourself.
• Organize your affairs and designate who will handle them when you are gone.
• Appoint a guardian for minor-aged children.
• Provide for any special needs your loved ones may have.
• Minimize possible estate taxes and probate fees.
• Remember and provide for organizations you care about.
• Make things easier for your family. Consider the planning you do now to be your final future gift to your loved ones.

While estate planning can entail some difficult choices and means confronting uncomfortable issues, it does provide a sense of relief and peace of mind when it is done. You’ll know that you have done your best to plan and provide for yourself and for loved ones, as well as for the causes you’ve cared about during your lifetime. There is great satisfaction in knowing what your legacy on earth will be.