Estate Planning for Your Affairs
Planning your estate is one of the ways you can take care of your loved ones, especially when you are either incapacitated or have passed away. Estate planning ensures that all your affairs, primarily financial and medical matters, are in order and will not burden your loved ones during a challenging and vulnerable time. Moreover, estate planning allows you to determine precisely how your assets will be distributed to your intended beneficiaries without the intervention of the courts.
Here are some key terms in estate planning that could be valuable to someone planning their estate without the assistance of a lawyer:
A will is a legal decree that enumerates a decedent's wishes on how they wish their
assets to be distributed at the time of their passing. This legal document also appoints
an executor of the will, who would put the language of the will into effect.