No one likes to dwell on the prospect of his or her own death, but if you postpone planning for the inevitable, you run the risk that your intended beneficiaries may not receive what you want them to receive in a timely and cost-effective manner. This is why estate planning is so important.

Believe it or not, everyone has an estate. Your estate includes everything you own: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, jewelry and other personal possessions. No matter how modest or large your estate is, you can’t take it with you when you go. When that happens, you will want to ensure that your property goes to the people you want, in the way you want, and when you want. Moreover, estate planning allows you to save as much as possible on taxes, court costs and attorney fees. Proper estate planning should also include:

• Instructions for your care if you become disabled before you pass
• Naming a guardian and an inheritance manager for minor children
• Providing for family members with special needs, without disrupting government benefits
• Providing for loved ones who might be irresponsible with money, or who may need future protection from creditors or divorce
• Life insurance to provide for your family at your death
• Providing for the transfer of your business at your retirement, disability or death
• An ongoing process, which is reviewed and updated as your family and financial situations (and laws) change over your lifetime