What actually is your estate?
An estate is your net worth on your date of death.
It includes all property that you own or control such as bank accounts, real estate, life insurance policies, stocks, and personal property like artwork, jewelry, and vehicles.
And, an estate also includes your debts, such as car loans, mortgages, and credit card debt.
What is an Estate Plan and Why is it so Important to have one?
No one likes to think about death, but, it is important to be prepared when the time comes so that your loved ones have a clear understanding of your final wishes.
Estate planning is making a plan in advance that provides details of how you want things handled when you pass.
So, basically an estate plan is a set of written instructions that describes how and to whom you want your property to be distributed after you die.
An estate plan may also provide other details such as funeral arrangements and care for pets when you have passed.
Complete estate plans should also include health care instructions if you should become ill or disabled before you pass. You should also direct who can make financial and legal decisions for you if you become ill or disabled.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.