Five things you never knew about estate planning

When it comes to estate planning, there are a lot of things that people don't know. Here are five things that you may not have known about estate planning:

1. Estate planning is not just for the wealthy.

Contrary to popular belief, estate planning is not just for the wealthy. Everyone can benefit from having a plan in place for what will happen to their assets after they die.

2. You can plan for more than just your death.

Estate planning can also encompass things like incapacity planning and long-term care planning. This means that you can have a say in what will happen to you if you become incapacitated and are unable to make decisions for yourself.

3. You can control how your assets are distributed.

With estate planning, you can control how your assets will be distributed after you die. This can be done through a will or trust.

4. You can minimize taxes.

Estate planning can help you minimize the taxes that will be owed on your estate. This is done by taking advantage of tax breaks and other strategies.

5. You can change your estate plan.

If your circumstances change, you can always change your estate plan. This can be done by revoking or modifying a will or trust.

Estate planning is an important process that everyone should go through. By understanding these five things, you can be better prepared to make decisions about your own estate plan.

 

[Shigobad2020]

There are things i dont unserstand andni will like a clarification , we all believe that for you to have an estate you must be stinkingly rich and wealthy , but you said estate is not just for the rich , so you mean the poor too can benefit from an housing estate , but in my own opinion , you can only benefit from an estate if you are working as an estate agent and that cannot guarantee that the owner wont have another agent if he fires you.

I have a friend that his dad had an estate but the father died last year , both the two children are controlling the estate currently and making good money from what their father left for them.
So I believe its also a property you can pass over to your children.