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Protect you ASSets

February 20th, 2009 at 05:40 am

Estate planning is important to ensure all your wishes and plans for the distribution of your assets are carried out in the event of your death. But it is also important for other reasons. What if you should become mentally incapacitated due to accident, stroke or dementia in the future? Imagine what a burden this would place on family members as they struggle to make decisions for you without your input.

Proper estate planning will include what to do in this possibility. You can have your wishes carried out even though you may be unable to tell your family what you want. Estate planning is the one sure way of making sure your goals for the distribution of all your assets are achieved in the way you wish.

Estate planning comprises a will - if you die intestate (without a will) then the laws of the land will govern what happens to all your assets. This means that if you wanted any part of your assets to go to another source apart from your family, it probably won’t happen. It also means that it will take a long time and probably cost a lot of money for lawyer’s fees, to get your estate settled. A trust may also be used as part of estate planning.

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