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What is an Estate Plan?

Learn about what an estate plan is and what key documents you should consider.

Maj. returning from an overseas deployment, is reunited with his family

The topic of estate planning conjures up a lot of different thoughts and ideas.

For some, it may bring to mind the process of leaving assets to loved ones, such as bank accounts, investments, and even their commemorative coin collection. For others, it may involve creating a plan for their healthcare and appointing someone to make decisions for them in case they become incapacitated. However you think of estate planning, it’s an important piece to include in your overall financial plan.

An estate plan is a comprehensive process that covers a wide range of legal and financial considerations and documents your wishes. It’s intended to help loved ones or next of kin navigate the difficult time after your death without extra confusion, conflict, or cost. Developing an estate plan is important for everyone, regardless of your personal situation.

Keep in mind the information contained in this learning guide is for educational purposes and not intended to be legal advice.  

Why Do You Need an Estate Plan?

When you create an estate plan, the documents you create and beneficiaries you choose can help you stay in control, protect your assets, and execute your goals or wishes. See the examples below to understand the importance of estate plans.

Key Takeaway: Practically anyone can benefit from having an estate plan.