We know estate planning can feel overwhelming; all the aspects of estate law coupled with the legal jargon can be confusing at first. To help you understand the importance of estate planning, we’ve broken down the different elements below:
What is an ‘estate’?
An “estate” refers to the net worth of a person at any time, living or dead. It is the sum of their assets – legal rights, interests, and entitlements to property – less all liabilities at that time. It is often used to describe the assets and liabilities left by a person after their death.
What is ‘estate planning’?
“Estate planning” has to do with the transfer of someone’s assets, such as their property, belongings, and finances, at the time of their death. Wills, Power of Attorney, and Trusts are all common tools used in estate planning.
Our attorneys can help you plan your estate thoroughly by ensuring all your assets are accounted for to help facilitate a seamless execution in the event of your passing. Although thinking about the distribution of your assets can feel uncomfortable, it is vital in ensuring your estate is handled in accordance with your wishes and can help avoid disagreements and conflict among your loved ones.