Your estate plan is about protecting your family, as well as deciding where your assets will end up.
Sometimes people think an estate plan only concerns decisions on what will happen with your money and other assets when you pass away. However, estate planning is much, much more than that, according to NJ Biz in “Why haven’t you protected your greatest asset?“.
The most important thing you have is your family, especially if you have minor children. Estate planning is about protecting them.
Yes, most of the focus is on possessions and money. However, the point of estate planning is to decide the best way to leave your possessions and money to your family.
It is about making sure that your family is cared for after you pass away.
When you plan your estate, you can make sure that your assets can be used by your family to meet its needs.
If you have minor children, then estate planning is also about making sure that a responsible person takes care of them and handles the assets for the children, until they are old enough to do so for themselves.
You need to plan for your family as well as plan for what will happen to your money and your assets.
Reference: NJ Biz (Oct. 9, 2017) “Why haven’t you protected your greatest asset?”
