Estate planning
Estate planning involves making plans for the passing on of your estate after death.
Your estate is all the assets/property that you own. It can include personal items, savings, antique, cars, property, land,investments and savings accounts, etc. Estate palnning makes sure your estate is transferred to your beneficiaries
Some important terms to know for estate planning purposes include:
Wills: A will is a lawful document that lays out the destiny of your property after your death. Estate planning determines who will recieve your property when you die.
Trusts: A trust is an agreement where you hand over property to one person or an organization. The person or trustee is responsible for managing the property on behalf of your beneficiary or beneficiaries.
Power of Attorney: Power of attorney gives a person or organisation the official power to carry out your affairs once you’re unable to do so. The person or organisation you appoint is referred to as an “attorney-in-fact” otherwise “agent.”
