Summary of Understanding Estate Planning
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Summary of Understanding Estate Planning
Keep in mind that estate planning should not occur in a vacuum. It should be seen as but one step in a process of comprehensive financial planning. This should include risk management and insurance of several types, as well as investment and retirement planning. As with any lifetime planning, merely having an estate plan is not enough to ensure it will work. Indeed, it is likely to fail if your financial and other personal affairs are not properly arranged at the time of your death.
Practical Ideas I Can Start with Today
- Answer the questions in the tutorial regarding what would happen, and what I would like to happen, if I died tomorrow.
- Review (or write) my will so that it appropriately directs the disposition of my estate if I died tomorrow.
- Appoint a qualified personal representative for my estate.
- See an attorney for more complex planning if my situation is out of the ordinary.
- Estimate my potential estate tax liability. Use this calculator.
What you have learned
- What Would Happen to Your Money and Property if You Died Tomorrow?
- What Would You Want to Happen to Your Money and Property if You Died Tomorrow?
- What Is Estate Planning and Why Is It Important?
- What Happens When a Person Dies without a Will?
- What Is Probate and How Do You Avoid It?