With the untimely and tragic deaths of NBA All-Star Kobe Bryant and rapper Nipsey Hussle, there is one thing that is evident: death can occur at any place and time, and people must have their affairs in order ahead of time.
Death is not reserved for the elderly or the sick who know their time is coming. It is unpredictable. It is unimaginable. It is unfortunate. It is something over which you have no control. What you can control, however, is the disposition of your assets upon death — if and only if you have an estate plan.
An estate plan determines how your assets are preserved, managed and distributed after death or upon incapacitation. A complete estate plan includes a last will and testament, durable power of attorney for finances, advanced medical directive, and health care proxy. It could also include a trust agreement and charitable donations, as well as tax planning and funeral and/or burial arrangements.
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