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What is estate planning?
Estate planning is an essential part of any financial plan and is an
essential way of protecting your assets while you are living or
after you die.
An estate is everything that
you own - your house, your investments, your vehicles, your boat,
your jewelry. Throughout life you are primarily concerned with
acquiring these things, most of which should be of great value to
you. When building your estate, you are thinking about retirement
and how to fund that retirement. Your estate is a big part of that
funding source and works hand in hand with your investment plan.
But, there comes a time in
your life when you will change your point of view and you will be
looking more toward dispersing your assets wisely. You worked very
hard to get where you are at by the time you retire. You want your
hard-earned wealth to go to people you know and trust with it, not
the agencies that take your wealth away when you die due to lack of
proper planning.
Estate planning is the
definite plan you develop for administration and disposition of your
property throughout your life and once you die.
What is estate planning goes
more in detail on the next page with different considerations for
estate planning.
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