The amount of people who think that they don’t need estate planning because they don’t have an estate is astonishing! These people think the value of their estate isn’t great enough to warrant estate planning. This is an incorrect assumption. Anyone that owns anything of value has an estate. This will include tangible assets such as property investments and intangible assets such as bonds. And whether you like it or not, your estate needs to be maintained. Broadly speaking, an estate plan encompasses the accumulation, conservation and distribution of an estate. A good plan will enhance and maintain the financial security of people and their loved ones.
Your last will and testament is the most important part of your estate plan. Your will is your legal voice stating exactly how you wish to have your estate dispersed after your death. Obviously, your will only becomes legally binding after you die so you are free to change whatever you like, whenever you like and as many times as you like until your death. In your will, you should specify instructions for the executor of your will. Your executor is the person you place in charge of administering your estate after your passing.
Your will offers many advantages enabling you to control what happens to your estate after you pass away. These advantages include: