Wills and estate planning are not just for rich people. Everyone needs a strategy for what will happen to the financial assets you leave behind, no matter how much or little you have. Try these estate planning basics:
What is an Estate Plan?
The term “estate” is referring to whatever you own that has value – your home, cars, jewelry, investments, etc. When you pass away, those items will be given away, and an estate plan ensures that it happens the way you would want it to by defining what assets you have, how they’re protected, and how they’ll be distributed.
The first, and most important, document you need in your estate plan is a will, so your intentions are clearly stated regarding the disposition of your property. They’re not difficult or expensive to create. The important elements include: