What Is Estate Planning?

Estate Planning - What is It?

What is Estate Planning? - Estate planning is all about being diligent in the care and maintenance of all that you have worked for during your lifetime. It's also about taking your responsibilities seriously, and doing whatever you can to make sure you are fulfilling your obligations faithfully. Your first responsibility in planning your estate is to yourself, your spouse, and your children, and to ensure that both you and they are provided for. Although, you do not need a spouse and children to require effective estate planning, the existence of a spouse and children nearly mandate a comprehensive estate plan. This means using a will, a revocable trust, and powers of attorney; life insurance, health insurance, and long-term care insurance; IRAs and annuities; and other means to be sure that you and your family's needs are met. The word "plan" is very important. You cannot plan anything once you have departed or become incapacitated. Estate planning is not for the "then," whenever that might be, it is for the "now."

If you desire to avoid or minimize estate taxes, keep your estate in the family, distribute family assets or personal mementos according to your wishes, and retain the ability to make other choices, you must have a plan. Estate planning is all about you, your family, and your estate. It's about taking responsibility to ensure that your estate -- everything you own and control -- is preserved and used for the benefit of those you love. Finally, estate planning is about life, not death. Through an effective estate plan, you can live on, in and through your family, your estate, your hopes and plans and dreams. You can live on, but only if you plan.