No matter how old you are or how stable the condition of your health is, if you have assets, you should have a plan for what will happen to them in the event of your death. This is known as an estate plan. Your estate plan should include more than just who will receive your assets after you pass – it should include directives for your loved ones to follow in the event you become incapacitated.
Estate planning can be confusing, making it easy for many individuals to put it off, but its importance cannot be overstated. Instead, work with an experienced estate planning attorney to develop an effective plan that minimizes the stress and tax burden your loved ones will face after you pass away.