A mental model highlighting the key components and considerations of estate planning for achieving financial freedom and preserving wealth.
Estate planning is the process of arranging for the management and disposal of a person's estate during their life and after death. It involves making decisions about how your assets will be distributed upon your passing, minimizing taxes and other costs, and ensuring that your wishes are honored. Effective estate planning can include wills, trusts, health care directives, and beneficiary designations. The main goal is to maintain control over your wealth and provide for your loved ones while minimizing potential conflicts and financial burdens. Remember, failing to plan is planning to fail.
Estate planning is not about you; it's about your family.
