Glossary
Estate Planning
Estate planning is the process of arranging how your assets—such as property, investments, and personal belongings—will be managed and distributed after your death or if you become incapacitated. It typically involves legal tools like wills, trusts, powers of attorney, and healthcare directives.
Why is estate planning important?
It ensures your assets go to the right people, reduces the burden on your loved ones, can minimize estate taxes, and protects your wishes if you're unable to make decisions.
What documents are included in an estate plan?
Core documents often include a will, a living trust, power of attorney, healthcare proxy, and a living will or advance directive.
Do I need estate planning if I’m not wealthy?
Yes. Estate planning is important for anyone who owns assets, has children, or wants to make their medical or financial wishes known in case of incapacity.
What is the difference between a will and a trust?
A will outlines asset distribution after death and must go through probate, while a trust can bypass probate, offer more privacy, and provide management during your lifetime.
When should I update my estate plan?
Update it after major life events—like marriage, divorce, having children, or significant changes in your assets or health.
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