What is the Main Purpose of Estate Planning?

Main purpose of estate planning

Main purpose of estate planningThe main purpose of estate planning has less to do with giving your stuff away and more to do with minimizing risks to your family and assets than you probably think.

Estate planning is more than drafting a Will.  It is also about looking at your current situation and where you want to be in the future.  This is often called gap analysis.  You are looking for the gaps between where you are now and where you want to be.

A proper estate plan provides much needed guidance for your family if you are unable to make decisions or worse.  It minimizes risk.  It reduce stress and family fighting.

Estate planning is for people of all income brackets if you understand the main purpose of estate planning doesn’t depend on your income. At a minimum, everybody should have a Durable Power of Attorney, Healthcare Power of Attorney, HIPAA Waiver, and Advance Directive to make sure their lifetime dignity is upheld and their wishes are known.

Of course, estate planning also deals with wealth management and risk mitigation for your hard earned money and property. With the proper use of Trusts, Wills, Will substitutes, and other planning tools, your hard earned money and property are protected as well as you and your family.  You maximize what you have and how much goes to your spouse and children.

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