Think you don’t have an estate? Almost everyone does, including you.
Your estate is what you own. That includes your car, home, checking and savings accounts, investments, insurance, and personal possessions. And no matter the size of your estate, you can’t take it with when you die.
What would happen to your assets if you were to pass away?
An estate plan helps answer this question. An estate plan is something that, upon your death, will guide the transfer your assets according to your wishes, minimize the transaction costs of transfer, provide liquid money for common costs, and protect and provide for loved ones.
Almost of all of us will need at least three things in an estate plan: a will, a durable power of attorney, and a living will. A will will dictate how your property is distributed and provide instructions for taking care of any minor children. A durable power of attorney helps someone make healthcare and property decisions when he or she is incapable of doing so alone. A living will contains your last wishes regarding sustaining life.
Read more at Iris.xyz.