Estate planning involves organizing your affairs to ensure that your assets are distributed according to your wishes after your death. Here are some key components to consider:
Regularly Review Your Plan: Your estate plan should be reviewed periodically to reflect any changes in your life circumstances or laws.
Create a Will: A will outlines how your assets will be distributed and appoints guardians for any minor children.
Establish a Trust: Trusts can help manage your assets during your lifetime and provide benefits to your heirs after your death, often avoiding probate.
Designate Beneficiaries: Make sure to update beneficiary designations on accounts such as life insurance and retirement plans to ensure they align with your estate plan.
Power of Attorney and Healthcare Proxy: These documents allow you to designate someone to make financial and medical decisions on your behalf if you become incapacitated.
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Steps to Build Financial Independence 