Estate planning is the process of deciding how you want your estate, namely the assets you possess at the point of death, distributed after your death. This process helps you to define the following:
- Your personal worth
- Who gets what after your death
- Your children’s guardians
- How your assets should be managed
- Who to carry out your estate plan
This process to ensure that the respective people and causes that you care about receive the assets you want to give them.
There is usually no hard and fast rule to the frequency of reviewing your estate planning. However, it is usually