Who Needs Estate Planning? Many people, when they hear the words “estate planning,” don’t think it applies to them. “I don’t have an estate to plan!” they may say. I think this comes about from the use of the word “estate.” The word is often used to refer to the mansions and real estate holdings of the rich and famous. But the definition of an estate is “all of the things that a person owns.” In other words, your estate is the sum of your stuff: your home, your bank accounts, your stocks and bonds, your retirement account, your cars and boat, and your personal property. For some, including young parents, the biggest asset at death will be their life insurance policy. When they say they don’t have an estate, they are forgetting about what they leave behind with insurance. Big or small, most adults have an estate of some sort. If you don’t plan for it, don’t worry, the state has a plan for you; it just may not be what you want. Estate Planning is More than Distributing What You Own ...
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