Estate planning is critical for efficiently transferring your money, property, and assets to your beneficiaries after you die. The reason people choose an estate plan is that it avoids probate. One thing to keep in mind about your estate plan is not to set it and forget it. As life continues to change, your estate plan should reflect those changes too.
Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will, and about 40% with investable assets of $1 million or more never discuss their estate plans with their children?