Offered by: Michael A. Dolan – Dolan & Associates, P.C.
“I don’t have an estate, isn’t that something rich people have?”
When the subject of estate planning comes up, some people draw the conclusion that they do not have an estate and therefore don’t need to plan. So, what is an estate?
The term “estate” simply means that you own something in your individual name at the time of your death. If you own just one thing (an asset), then you have an estate. The process for dealing with that estate may differ based on the value of the things you own at the time of your death. However, someone other than you will need the authority to deal with the things you own after you die, or if you become disabled before you die.
The process of estate planning is to plan what to do with what you own at the time of your death, or if you become disabled before your death. It will also give appointed individuals the authority to deal with what you own upon your death, and may even create that authority upon your disability without court involvement.
The Bottom Line: If you own something you have an estate, and you should have an estate plan in place before you become disabled or die. And since you don’t know when you are going to die or become disabled, maybe you should think about getting that accomplished sooner rather than later.
If you would like to learn more about an effective estate planning process that is producing great results for families, visit us online at:
www.EstatePlansThatWork.com to sign up for a complimentary educational workshop.
Click here to view Dolan & Associates on The Brighton Buzz Business Directory