What is estate planning?

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Question: What is estate planning?

Answer:Estate planning is a process to consider what you want if something happens to you or those you care about, such as injury, incapacity or death. In setting up an estate plan, you will need to consider various alternatives, think through your options, and set up legally effective arrangements that would meet your specific wishes. Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees and sets up contingency planning to make sure your wishes regarding health care treatment are followed.

On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.

On the personal side, a good estate plan includes directions to carry out your wishes regarding health care matters. If you ever become unable to give the directions yourself, someone you select would do that for you. Because they would be relying on your instructions, they would know when you would want them to authorize heroic measures and when you would prefer they pull the plug.

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