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Estate Planning: Is It Necessary?

Estate planning may not always seem urgent, but it is extremely important when determining who gets your possessions when you pass away. To ensure your assets are evenly distributed, your loved ones are taken care of and legal questions are answered, start planning today.

Keep reading to learn what an estate consists of and how to begin estate planning.

What Is an Estate?

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An estate consists of an individual’s property owned at death, which includes assets, savings, owned land and possessions. In sum, whatever an individual owns—whether it be a house, business, jewelry or even debt—becomes a part of his or her estate.

Estate planning, therefore, refers to the preparation of tasks that are necessary to manage a person’s estate in the event of death. Often, an estate plan is created with the help of an attorney.

What Does an Estate Consist of?

No matter how much you own, you can create an estate plan that includes a will and trust. You also have the power to designate a power of attorney, make funeral arrangements and protect your business and your family.

If you want to prevent legal issues with your family after you pass away, consider hiring somebody to help you with estate planning.

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Why Should I Participate in Estate Planning?

There are no downsides to setting up an estate plan, but if you’re still unsure, consider the following reasons why you should begin the estate planning process:

Preparing an estate plan allows you to make decisions that affect and assist future generations, so it’s a good idea to set one up as early as possible.

Start Saving for Your Estate Plan with Synchrony Bank

As you look to the future and begin the estate planning process, consider increasing your savings by opening an IRA (Individual Retirement Account) CD or an IRA money market account.

Synchrony Bank does not provide financial advice so be sure to contact your tax advisor or financial consultant before opening or contributing to an IRA. 

Call 844-345-5789 or open an account today and learn about our savings options.

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Sources:

Investopedia: http://www.investopedia.com/terms/e/estate.asp 

Investopedia: http://www.investopedia.com/terms/e/estateplanning.asp

Investopedia: http://www.investopedia.com/terms/p/powerofattorney.asp 

The Balance: https://www.thebalance.com/how-to-minimize-death-taxes-3505688

Estate.Findlaw.com: http://estate.findlaw.com/trusts/types-of-trusts.html


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