Important things to know about Estate Planning
Estate planning sometimes has the misconception of only being necessary for those who are extremely wealthy. In fact, anyone who has assets, dependents, or an interest in how they are cared for should consider some form of estate planning. Having a basic understanding of estate planning can save you and your loved one’s unnecessary difficulties and time while dealing with a loss or major change in life’s circumstance.
Estate planning is the process of determining what happens to your assets or things you are responsible for in the event of your incapacitation of death. Estate planning can include directions for many aspects of your life, not just your finances, such as health care directives or directions for your final arrangements.
Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is understanding checking accounts or paying for college, our curated playlists will provide you with important information.
Because estate planning covers so many aspects, it can become very convoluted. Our Estate Planning module, located in the Preparing for Retirement playlist, begins by going over eleven legal terms you should know. This may feel daunting, but these terms will help you work through the rest of this robust module that also delves into the main estate planning documents, the difference between a will or a trust, taxation issues in estate planning, and so much more. Estate planning is an important task you should consider as you plan for your future and retirement. So many parts of long-term planning can feel overwhelming, but this module can help give you the tools needed to begin this important process.
The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.
Explore the program today: https://nafsa.everfi-next.net/welcome/nafsa-achieve
*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal or tax advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.