An estate plan is a detailed plan consisting of wills, trusts, power of attorneys, and other important legal documents that outline how an individual wants to have their assets managed and passed down upon their death or incapacity. It is common for people to assume the laws of their state will reasonably ensure their assets are handed down to their surviving family members. While this may be true to some extent, the laws are designed around the belief of what is best for the general masses and do not account for your unique family situations or your personal desires.
Having a thoroughly prepared estate plan allows you to have the peace of mind of knowing your assets will be passed to those you wish in the manner you desire. It can also prevent disputes between family members, reduce stress for the entire family, and can help minimize the impact of estate taxes. Each estate plan is unique to the individual it is designed for, so a lawyer should be consulted to determine the unique needs of your estate plan.