When you hear the term “estate planning,” don’t dismiss the idea. If you own anything at all, you have an estate, and you should be the one to decide what happens to your property when you die or if you become unable to make decisions for yourself.
Your estate consists of your assets—your bank accounts, retirement accounts, life insurance, real estate, vehicles, business ownership/property, and personal property. An estate plan simply outlines how you wish for your property to be divided when the time comes. An estate plan also provides for your heirs to be cared for as you wish.
Without an estate plan, your state’s laws will dictate how your property is divided, and that court process will cost your loved ones time and money.