What is ‘Estate Planning’?
Estate planning is making a plan in advance and naming who you want to receive the things you own after you die. Good estate planning is much more than that. It should also include instructions for your care if you become disabled before you die. It should name a guardian for any minor children and someone to manage the inheritance until the beneficiaries can receive it. It should provide for any family members that have special needs and provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce.
Your estate plan may include life and/or critical illness assurance to provide for your family if you suffer a critical illness or die, income replacement to replace your income if you cannot work due to illness or injury, and long-term care cover to help pay for your care in case of an extended illness or injury. It may provide for the transfer of your business at your retirement, disability, or death. Reduce taxes, unnecessary legal fees and court costs.
Estate planning should be an ongoing process, not a one-off event. This is because your plan should be reviewed and updated as your family and financial situations (and estate planning laws) change over your lifetime.
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