Video - Money: Know It to Grow It - Estate Planning

Transcript:

What is estate planning?

When someone passes away, all the property and money they've left behind is called their estate.

Estate planning is the process of deciding, in advance, how the estate's assets will be passed on.

The plans to distribute assets are often written down in a legal document called a will…

But what if you don't have a will?

Without a will or a designated beneficiary, a person's estate may end up in a court proceeding called probate.

Without clear guidance, probate decisions…

…may distribute assets in ways the original estate owner may not have wanted.

So if you want to make sure your estate transitions smoothly…

…find the will… to make a will.

So that's estate planning.

Find more ways to know and grow your money at Synchronybank.com.

LEARN MORE: 12 Strategies to Help You Manage an Inheritance