Estate planning has five major purposes, one or more of which will surely apply to you. With a good estate plan you can:
- Designate how your assets are to be distributed among beneficiaries after you die.
- Avoid or minimize the delays and expense of probate.
- Appoint a guardian for your minor children and a person to manage the children's assets.
- Provide for the possibility that you will become incapacitated and unable to manage your finances or make medical and other decisions for yourself.
- Eliminate or minimize estate taxes.