A lot of estate planning is about avoiding the probate process. Probate is a court process through which an estate is handled after an individual's death. Through probate, an executor can be appointed for the purpose of identifying heirs and beneficiaries, paying off estate debts, and distributing estate assets.
While much of estate planning is focused on the distribution of assets upon one's passing, it really encompasses much more than that. Estate planning should also delve into important health care and financial decisions, especially in the event that an individual becomes incapacitated. After all, these matters are inextricably linked to the distribution of assets because these health-related and financial decisions can have a profound impact on the remaining value of an estate.
Getting divorced can be emotional. After all, two individuals who were once in love have to come to terms with the fact that they are no longer right for each other. While this process can leave individuals feeling upset, distrusting, and sad, it also provides them with an opportunity to secure a fresh start. While many individuals consider this new beginning to pertain to the way one lives life, it should also affect how one plans to dispose of his or her assets after death.
Raising children can be a challenging endeavor. This is especially true when a child has special needs. Depending on the condition at hand, a child with special needs may require extensive medical care and social support. These needs can be long-term in nature, which is why these considerations need to be taken into account when engaging in estate planning.