Estate Planning – The importance of Wills & Trusts
Estate planning may seem like an overwhelming and unnecessary undertaking for those with modest income and assets, but it does not have to be. On first blush, the term itself seems to be more appropriate for wealthy individuals who have large bank accounts, high value property, businesses or other substantial assets. However, estate planning including a will or trust is very important to everyone of all income levels. If you do not plan the transfer of your property in advance, the state will distribute the property for you. You should control the ownership of your assets after death (or other key life event) by means of a will or trust so that you can ensure your assets are in the hands of the people you choose. For those of us with children, far more important than your assets, you need to plan for the ongoing care and custody of your children if you should come to an untimely demise.