Estate planning is the process of making decisions about who you want to manage your assets and how you want your assets to be handled in the event you become incapacitated and then after you pass away. During the process, you can:
- Establish who you would want to act as a guardian of any minor or adult dependent children
- Potentially minimize taxes
- Decide who makes personal, medical, and financial decisions for you should you be unable to do so yourself
- Outline the direct distribution of all your assets
- Provide for any adult children with special needs
Estate planning will turn your wishes into reality with binding legal documents, though it is not always a simple process. To avoid any hiccups, you need help from an estate planning attorney.