Estate Planning is the process by which we design the strategy to minimize taxes, protect our assets and provide opportunities for our loved ones. Estate planning includes everything from setting up a trust, estate planning with a will, or even purchasing life insurance as you get older it can include who gets what and in what order, as well as who has decision-making power over certain items.
It’s important to have a good estate plan because it can help make sure that your loved ones are taken care of in the event that something happens to you unexpectedly. It also gives them peace of mind knowing that everything has been set up properly, so there are no surprises when the time comes for them to inherit some or all of your property. But there is much more to good estate planning than that.
It should also do the following:
- Include instructions for your care and finances if you become unable to care for yourself or handle your finances before you die.
- Include plans for disability income insurance to replace your income if you can’t work because of illness or injury, long-term care insurance to help pay for your care if you’re sick or hurt for a long time, and life insurance to take care of your family if you die.
- plan for what will happen to your business when you retire, get sick, die, or become unable to work.
- name a guardian to take care of your minor children and inheritance.
- family members with special needs can be cared for without losing their government benefits.
- help family members who may not be good with money or who need protection from creditors or in case of divorce.
- You can reduce taxes, court costs, and unnecessary legal fees by putting assets into a living trust, filling out or updating beneficiary designations, or putting your assets in line with your estate plan.
When is the time to plan your estate?
The answer is NOW, No one likes to think about their own death or the possibility that they won’t be able to make their own decisions. This is why so many families are surprised and unprepared when death or disability strikes. Don’t delay. You can set something up now and change it later, which is exactly how you should do estate planning.
It doesn’t have to be expensive to plan your will.
It’s important to know that trying to do your own estate planning to save money now can cost your family more later and may have results you didn’t want. An estate planning lawyer with a lot of experience will be able to give you important advice and give you peace of mind that your documents are being prepared correctly to meet your goals.
Everyone Should Plan Their Estate
It’s not just for old people, but as people get older, they tend to think about it more. We can’t know for sure how long we will live, and accidents and illnesses can happen to people of any age.
Estate planning is not just for people with a lot of money, though those with a lot of money may think more about how to keep it safe. Families with few assets often benefit more from good estate planning because losing time and money because of bad estate planning hurts more.
