What is an Estate Plan?
Most Popular
•
2m 12s
Estate planning is the process of taking inventory of material possessions and providing for the people we leave behind after death, especially children or other people we are responsible for.
Preparing an estate plan involves creating an inventory of our possessions, planning for what will happen to our assets after death, and protecting our family members. Generally, an estate plan provides a lawyer with documents, specific instructions, and declarations regarding the care or transfer of our possessions should we become incapacitated—mentally or physically—or pass away.
“It’s very important to have an estate plan if you want any say in how your assets are distributed and who they’re distributed to.”
When we die, there are three primary ways assets can transfer: through a will, state statute, or contract agreement, such as a living trust or a beneficiary designation. A good estate plan handles both medical and financial matters.
Estate planning is the process of taking inventory of material possessions and providing for the people we leave behind after death, especially children or other individuals we’re responsible for.
Up Next in Most Popular
-
Episode 163: Praying with Scripture
The Scripture is one of the Lord's best ways to talk to us, a way for us to converse with God.
It is also a good reminder of who Jesus is and who we are to Him.
Most of us say that praying with scriptures is something that's good to do, but how do we actually do that?
In this episode, we're go...
-
Chapter 26: Conclusion
Tim gives a final fervorino to all parish leaders, encouraging them that this is a particularly special time in history to be focusing on the parish. The laity are the key to renewing our Faith in our culture and in our world.
-
Gethsemane and Your Destiny
How do you sacrifice yourself to Jesus Christ? Robert Feduccia parallels the Eucharistic preparation of the gifts to the agony in the garden. Join Robert and explore the symbols of the Eucharist to better understand your destiny.