Estate planning 101: When to start and what to do first
Estate planning may be one of the most avoided topics in finance. I don’t know anyone who is comfortable confronting their own or their family members mortality but the hard fact is that death and taxes are a certainty. Getting your mind in the right space to work on this process is step one.
Common questions are:
Do I need to worry about estate planning yet?
If so, where do I start?
Everyone will have a different plan so it is hard to give a general answer, but if I must then I will say if you have a family or assets that require protection then you should have an estate plan. This could mean you have retirement savings, real estate, family heirlooms, life insurance, or anything else that presents monetary value. Also if you have kids an estate plan is a good way to make sure that if anything happens to you and/or your partner that they will be protected in various ways.
A major advantage to an estate plan is so that your assets will go to the people that you want. If you do not plan for this then the state you live in will decide for you and there is a very good chance they will not send the assets where you would have wanted them to go. A plan will make sure you stay in control of this even after your death.
You may ask, “So how do I do this?”
Start by finding an experienced financial planner and/or estate planning attorney. Working with a professional is always recommended because they will make sure you are thinking the right way about your plan. Like I said everyone will have a different plan so you can’t just read something online and assume it will work for you. You need to ask yourself the right questions which sometimes are emotionally difficult to answer. These professionals will help you understand why these tough questions are necessary for the benefit of your loved ones. A good plan will deliver results that will help you sleep better knowing the people you care about will be ok when you can’t be there to help them.
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Ryan@if-money.com