When people hear the word estate, they tend to think of the wealthiest people in the country. When you combine that word with planning, many younger people think that estate planning is simply something for the wealthiest to do in an effort to avoid taxes upon death. This cannot be further from the truth. Estate planning is a group of legal documents that get your affairs in order prior to your death.
Your loved one has died and now you need to step into the role of Executor of their estate. This is a role that few people are prepared for.
Year end is not only a good time to reflect back on your year, but to also make sure you've planned for the future.
One of the most important aspects of a last will and testament is that it clarifies who you want to manage your property and affairs once you are no longer able to do so yourself. There are multiple positions to be filled if you want your property managed well and you want them filled by people you know and trust. Who you choose depends greatly on the task they will need to complete, so before picking people, it is advantageous to thoroughly understand the services that will need to be performed.