Without properly planning your estate, there can be dire problems with passing on your assets to your heirs of beneficiaries. There are many issues left unanswered if you do not properly plan for the future. If something were to happen to you, who would receive your assets? Who would be responsible for taking care of your children if they are minors? What is to happen to you if you are unable to care for yourself? Estate planning addresses all these problems.
Many people think that they have to be wealthy to do estate planning, but they do not consider the possessions they own as assets, your property, bank account, stocks, bonds, and even jewelry and items in your house. Without a proper estate plan, your property will be distributed to your heirs through someone appointed by a judge. Much of the value of your estate can be damaged in the process. The taxes on your house could take up most of its value, leaving your heirs with little but trouble. To avoid putting a strain on your family if anything were to happen to you, talk to an estate planner to find out where you stand and tie up all these loose ends.
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