Estate planning is more than just writing a will

The term “estate planning” covers a broad set of topics and can be both confusing and overwhelming to anyone who isn’t familiar with the concept. There is a wide variety of estate planning strategies available. Regardless of wealth, everyone should consider establishing a plan for themselves and their families. What is estate planning? Simply put, it’s the process of ensuring your assets are distributed according to your needs, wants and wishes. It also includes other matters like powers of attorney and advanced medical directives, which help dictate how finances and medical care are handled in the event you become incapacitated. There are a number of different estate planning techniques ranging from relatively straightforward to extremely complex. As an estate planning introduction, let’s focus on three fundamental elements: Wills Trusts Charity Wills Most people understand what a will is, but what exactly does it do, and more importantly, what doesn’t it do? The goal of a will is to designate who receives your assets after you’ve passed, including any charities you would like to support. A will also allows you to name someone to oversee the distribution of your estate. The named individual is called the “executor” or “executrix.” One of