Many people know they should have an “estate plan” but not everyone knows what this loaded term really means. Most basically, an estate plan is a comprehensive set of documents to manage your assets and other affairs after you have passed away, or in some cases, after you become otherwise incapacitated to the point where you cannot make decisions for yourself.
Because every client’s needs and concerns are different, every estate plan is different. A good estate plan is ALWAYS tailored to a specific client’s own circumstances. However, here are a few common elements of estate plans.
1) Last Will and Testament — the most well-known of all estate planning documents, perhaps the most well-known of all legal documents period! Your Last Will and Testament is the legal mechanism for conveying any and all property you own at the time of your death to the individual or individuals (or church…
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