What Is An Estate Planning?

Most Americans will work their entire lives until they reach retirement age. During what could be four, five, or even six decades of full-time work, people tend to acquire assets that make up part of their portfolios. These assets may even produce income or can be sold at a profit at a later date. Whatever the case may be, building up assets is only part of the battle. Those assets need to be protected and maintained for the long run. That is where estate planning can be so valuable and can help ensure that your assets are passed along to the heirs of your choice on your passing.

What Is An Estate?

Investopedia defines an estate as “Everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in.”

This definition could fit a very wide variety of things. These could include paper assets such as stocks or bonds, corporate interests or investments, real estate, precious metals, commodity interests, and more. Effectively, an estate is everything someone has built up and saved for a long period of time. The estate owner may take steps to protect the assets within it and may leave clear, written instructions on how those assets are to be distributed upon their passing.

Why Plan An Estate?

Estate planning can refer to different areas within an estate. For most, an estate plan refers to the instructions to be followed upon their passing. Although estate plans can be largely centered on the passing of the owner, they also involve other key areas such as long-term care, charitable giving, elder abuse and taxation. Even those with smaller estates can find that without professional assistance, trying to navigate their way through a good estate plan can be difficult, if not impossible. Estate taxation can be an extremely frustrating matter that can cost a pretty penny. Planning the estate ahead of time can, however, limit or eliminate the taxation so more of your assets go directly to your heirs without Uncle Sam taking a big bite along the way.

Who Can Help Me Plan An Estate?

Estate planners are widely available these days and many can offer you solid advice and instruction. You can either consult an estate planning attorney or you can go with an estate planning money manager or investment advisor. Although an attorney may be able to offer superior legal advice, an estate planning firm can offer you guidance in all areas of the process from start to finish. They can even manage the estate for you on an ongoing basis if you choose and must always act as a fiduciary on your behalf. When looking for an estate planner, look for a company or individual with solid, verifiable references. Trust is a major factor in a good financial relationship and finding a planner you can trust is at the top of the list of importance.

Contact Our Estate Planning Attorney At Daily Mills Estate Planning

If you have an estate already or are just getting started, there is no time like the present to consult a professional planner. An estate planner such as Daily Mills Estate Planning is here to show you the ropes and to answer any questions you may have along the way. Give us a call today or visit us online at Daily Mills Estate Planning to start learning more today. You’ll be glad you did!