The common notion that estate planning is for the rich is not real. No matter your financial status, you will still benefit from an estate plan as long as you have assets to dispense. The only thing you will need is a document that specifies what you want to be done with your assets. Estate planning is a process that requires proper planning when it comes to documents like the will or living trust. If you haven’t drafted your will yet, it’s an easy process to make a will online.
Also, you can’t tell the exact time or day you will die; that’s why estate planning will keep your assets safe in any situation of your life. When organizing your finances, ensure you also involve an estate planning attorney of what you’d like to happen to your assets at any point in your life. Check out why you need to talk to a wealth advisor to start the process.
- Help take care of your needs
Do not underestimate the power of estate planning. It may look ordinary to you, but in the real sense, it safeguards your assets when you die, become incapacitated, or unable to think for yourself. For this reason, plan early by making medical and financial decisions or seek power of attorney to make such decisions if needed. Also, you can pick a trusted family member or friend to ensure your wishes are fulfilled if it reaches a point you can’t express yourself.
- Freedom to distribute wealth the way you wish
In the absence of a will or living trust, local estate planning services or state will determine where your assets will go after you die. Death comes unexpectedly; hence preparing the right documents in time will help distribute your assists to the rightful people or places. This will save your family from fights that may arise when it comes to dispensing property. Ensure all documents are up to date, especially your investment account and life insurance policies. Updating your will or trust will ensure you transfer your assets to the deserving people upon your death.
- You can use it for Charitable Goals
Some people would like to be remembered when they die by their acts of charity. This includes distributing all their assets or part of it to philanthropic intentions, which could be a family foundation, a humanitarian trust, or a donor-directed fund. You can only achieve such purposes if you plan early, and involving chosen family members or friends in the process.
- secures your future generation’s wealth
No matter the quantity or type of wealth you have, it is best to protect the interest of your loved ones and the upcoming generation. Let them know what to expect with estate planning, wealth distribution, and the possibility of changes if need be. The transparency of wealth distribution clears emotions and conflicts if you set a common objective and roll together as a family. However, it’s best to involve a trustworthy attorney that will take charge in case disputes arise within your family members when you die. Once in a while, you will find family members or other interested parties arguing over assets and even taking the matter court. This is why a will is an essential document that an attorney can use to defend any arising case.
An estate plan can be a draining and tough process that needs proper preparation. You need to start earlier because you will meet numerous blocks along the way before everything is set. In most homes, you will find a family member who doesn’t agree with any decisions you make; hence it’s a process to make them understand. But once any complexity is dealt with in the process, it will be a straightforward process to distribute assets whether you will be alive or dead.