There’s a common misconception that estate planning is only for the wealthy. Regardless of your financial situation, an estate plan allows you to have a plan in place after your death. Especially if you have a house, children, and other assets, you need to consider getting a plan in place.
Having an estate plan ensures:
- Your wealth is passed on to those you desire
- Your children will be cared for
- Your affairs will be handled minimizing chances of family strife
The next question begs, “when should I start my estate planning?”. The short answer is now. Many think they’re too young or too healthy, so death seem like faraway concepts. However, life can come at you fast and most of all, unexpectedly.
Here are some key points to take into account when starting out:
- You need a will to decide who will manage your property when you’re gone.
- Take stock of all the assets you own such as your investments, retirement accounts, real estate, business interests, insurance policies, and valuable items, and a list of the beneficiaries whom you want to leave these assets to.
- Create a power of attorney and a medical power of attorney to decide who will handle your affairs and manage healthcare decisions for when you’re unable to.
- As needed, decide who will look after your children and act as their guardians.
- Determine how you want your funeral to be arranged.
Estate planning can be daunting, but it doesn’t have to be difficult. You’ve worked hard for your assets and want your loved ones to benefit from them. Give us a call and let us guide you in making informed decisions that are best for you and your family’s future.
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