What is the purpose of estate planning?

The purpose of estate planning is to ensure that your wishes are fulfilled after you pass away. It involves creating a plan to manage your finances and distribute your assets when you die. You can do estate planning through methods such as wills, trusts, and powers of attorney. These methods allow you to outline how you want your assets to be distributed, and who you want to make decisions on your behalf if you are unable to do so. Estate planning often takes into account the laws of the state where you live. In West Virginia, this includes the West Virginia Probate and Estate Administration Code. This code outlines how assets are to be distributed according to existing laws. It also outlines the procedures for creating a will or trust in the state of West Virginia. The main goal of estate planning is to make sure that your wishes and values are respected and carried out after you die. It gives you the opportunity to protect your loved ones’ financial future, as well as to make sure your assets go to the people or causes you want them to. You can maintain control over how your assets are distributed and control how money will be managed for your loved ones in the event of your death. By having a complete plan, you can rest assured that your wishes will be carried out and your assets will be distributed according to your wishes.

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What is the purpose of estate planning?

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