Estate planning can help you by developing a plan for the distribution of your business, home, and personal property upon your death. For example, your estate plan may include how you want to use and manage your business, investments, real property (such as a home) and personal property (such as family heirlooms, jewelry, cars, etc.) during your life, and what happens to these items upon your death.
An estate plan will help you plan for a certain family member, or friend, to receive your home or a specific sentimental object upon your death. If you prefer that your estate be divided equally among certain individuals or pass entirely to charity, you can organize your estate with your attorney to plan for this. In addition, estate planning can be used to protect your assets upon a divorce or dissolution of a domestic partnership, protect your assets in the event of a bankruptcy, and minimize the impact of taxes. Moreover, estate planning allows you to plan for your own care, or the care of a minor child, if you become unable to care for yourself. You can also provide detailed instructions about if and when life support should be used to keep you alive and whether or not you would like to be an organ donor. You can also appoint a specific person to replace you as the primary caregiver for your minor child.