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Estate Planning Overview 123

Written by True Tamplin

Reviewed by Subject Matter Experts

Updated on 2/2/2023, 12:30 AM

What Is Estate Planning?

Estate planning determines how your estate will be handled after your death or in the event of incapacitation. This process includes the distribution of assets to heirs, the settlement of estate taxes, and the arrangement of funeral proceedings.

The assets involved in most estate plans include cash in bank accounts, investment accounts, retirement accounts, and insurance policies. These plans may also include real estate, vehicles, business interests, works of art, and sometimes even debt.

Most individuals prepare an estate plan with the assistance of a financial professional to guarantee that their desires are carried out precisely as they desire.

Estate planning can help preserve family wealth, provide for a surviving spouse or children, fund grandchildren's education, or leave a charitable legacy.

No matter your wishes for your estate, it is crucial to have a solid plan in place to avoid any potential problems down the road.

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.


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