In a situation where an individual dies, is incapacitated, or is no longer able to make financial decisions on their own, what happens to their assets? Estate planning can ensure an individual’s assets are managed and distributed in accordance with a plan they set out. When an estate plan isn’t established, it can create a domino effect of issues for an individual’s estate when they die, which can comprise long, complicated court cases or family disputes. In the case that a plan is established but not well thought through or up to date, it can cause similar issues and have detrimental tax implications for beneficiaries. What is Estate Planning? Estate planning can be complex and entails multiple moving parts. However, in summary, it’s a way to plan for the management of an individual’s assets or estate if they’re incapacitated or die. Some examples of assets included in the estate planning process are: Real estate Life insurance Automobiles Retirement accounts (401(k), IRA, 401(b)) Investing accounts (traditional brokerage, HSA) Savings accounts Checking accounts Any other valuables (Jewelry, collectibles, furniture etc.) Businesses In addition to making decisions about