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What is Estate Planning?

Posted on January 21st, 2022

Estate Planning

Estate planning is preparing all of the assets and other certain things that someone owns and designating who will receive them when someone passes away. Estate planning can also lay out who will take care of children who are not yet at an age where they can care for themselves legally. An estate plan may contain a will, trust, or other crucial things that are important to a proper and secure estate plan. Many people turn to a professional to help them out with their estate plans as they can contain a varying degree of difficulty to complete. 

What is an Estate?

An estate is considered all of the wealth and properties that are owned by someone. While it may sound like a fancy term, an estate is not something that is only for the ultra-wealthy and other well-off financially people. An estate can be small in wealth or large and generally contains things like collectible items, family heirlooms, stocks and bonds, properties and real estate, vehicles, jewels and jewelry, cash, banking accounts, cryptocurrency, and more. There are other things too that may be part of an estate but these are just some of the more common ones. 

Who Can Assist With Estate Planning?

While some people opt to create their own estate plan, many others turn to an estate planning lawyer from a law firm like Yee Law Group, PC.  Experienced professionals understand the complexities and nuances that can come about from drafting an estate plan. They also have the necessary knowledge, skills, and experience to ensure that everything someone wishes to have in an estate plan is there. If someone wishes to not have any detail overlooked, to ensure the proper paperwork is submitted to the proper authorities, and that no headaches come about from their estate plan they should turn to legal counsel to assist. 

Questions to Ask a Prospective Estate Planning Lawyer About

It’s important to do the due diligence of asking some informative questions to an estate planner or estate planning lawyer. Some of these questions may include:

  • How long they have been conducting estate plans.
  • What are some common things people overlook in an estate plan?
  • Is it better to have a will or a trust?
  • Who should be assigned guardianship of children?
  • And more.

If there are other questions that are believed to be helpful to your estate plan, then be sure to ask them as well.

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