Estate Planning Series: What Is Estate Planning and Why Is It Important?

The term Estate Planning refers to the act of preparing for the transfer of a person’s wealth and assets after they pass away. Your “estate” consists of all of the property you owned at your time of death, including but not limited to: real estate, bank accounts, stocks, life insurance policies and personal property. Estate planning is essential because it prevents your assets from ending up with unintended beneficiaries, protects your family and can minimize the amount of taxes that need to be paid for your beneficiaries to receive your property. Additionally, Estate Planning establishes what kind of funeral arrangements that you want, states what kind of life-prolonging medical support you wish to receive if incapacitated and avoids the time as well as the costs associated with probate proceedings. Estate Planning is a way to ensure that your wishes for your assets are honored after you pass away, and can greatly reduce the amount of stress and uncertainty your loved ones will be faced with when you die. Grieving is difficult enough without having to handle a myriad of complex decisions, and Estate Planning can help your family minimize their stress in difficult times such as these.

The skilled attorneys at Bach & Jacobs are experienced in Estate Planning, so if you need assistance or have any questions, please contact our office at (941) -906-1231.