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Many people think that the term “estate planning” is a concept that applies only to those who live behind gates and are chauffeured about wherever they go, but far from it. Estate planning is the process of preparing for the future, not only for your loved ones but also for yourself.

A living trust remains a powerful estate planning tool that you can use to preserve assets and money for beneficiaries and upcoming generations until a future date. However, various major changes in your life, finances, family, or accumulated assets may bring about the need to modify, remove, or add assets to a trust.

A power of attorney (POA) is a legal instrument that gives someone else the legal authority to make decisions in your name. POAs are generally focused on financial and health care considerations, and often take effect when the owner of the document becomes incapacitated and is unable to make decisions on their own.

A will is the backbone of many people’s estate plans, and having a valid will in place can ensure your wishes for your estate are honored after you pass away. However, since the actual administration of your will is left to your executor and heirs, issues can arise if they only have a copy of the will and not the original signed document.

Estate planning may not be glamorous, but it’s a key part of planning for the future. Effective estate planning helps protect assets and loved ones from unforeseen circumstances. However, 6 out of 10 adults in the US do not have a will in place.

Planning ahead is always beneficial when entering into a second marriage—especially when it comes to estate planning matters. Unfortunately, many people underestimate the importance of creating an estate plan when getting remarried, which can have serious and unintended ramifications down the line.

Estate planning is an important activity for every adult. In fact, the earlier you begin, the more likely you are to have in place what you need not only when you die but should you become unable to make decisions for yourself while you are alive. You can be young, in great health, and own few assets and still benefit from having your affairs in order.

There are always legal matters involved in the wake of a loved one’s death. Grief can often take a back seat to the probate process. Being informed about what happens to the debts of someone when they pass away may help lessen the stress and anxiety of those left behind.

A last will and testament, commonly referred to as just a “will,” is probably the primary document that most people associate with the act of designating who gets which of their assets once they are gone from this life.

If you have yet to begin the estate planning process, you’re probably not alone. Various surveys show that 40 percent or fewer of all Americans have created a last will and testament. A will, of course, is a legal document that names who will receive which of your assets when you pass away. It is the basic building block of estate planning. When asked why they haven’t started estate planning or even written a will, many respondents answer, “I don’t know how.” Others say they don’t have enough wealth to leave behind to anyone.