Essential Estate Planning: Protecting Your Family's Future and Assets

Establishing an estate plan can be a challenging decision. While some recommend starting the process at 18, others suggest new parents should consider planning for their child(ren)'s future. As your family and financial situation change, your assets and necessities may shift. To ensure that your estate plan meets your current requirements, it's essential to review it periodically.

Estate Planning

Estate planning lets you determine who will inherit what assets according to your wishes.

When creating a will, you can decide who should care for your child(ren) in the event of your absence by selecting an individual or individuals to serve as guardian(s).

By planning ahead and deciding to move forward, you can reduce the cost of probate while still passing on a substantial amount of wealth to your family.

Will Planning

Having a will is the most crucial part of an estate plan. Many people need a will or estate plan in place. If you have assets or a family, it's highly recommended to create a will. A will ensures fair distribution of assets and can guide how to care for minor children.

During significant life changes, assessing whether an estate plan would benefit your family is important. Many of my clients express concern about their children's well-being in the event of their passing. An estate plan allows for the designation of a guardian to care for a child if a parent or both parents cannot. Considering who you trust to raise your child(ren) according to your wishes is crucial. Additionally, it is important to determine who will manage any assets the children may inherit, which may or may not be the same person chosen as guardian. Other life events, such as purchasing a home, starting a business, or receiving an inheritance, also warrant consideration for an estate plan.

Trust Planning

Trusts are an essential element of estate planning and can be used to handle a variety of assets, such as real estate, retirement funds, and life insurance. They are especially beneficial in preserving assets for minors or those with special needs so they can be appropriately invested & safeguarded.

Incapacity Planning

Considering an estate plan for more than just after your passing is important, and planning for potential incapacity is also crucial. A durable power of attorney or health care directive is most effective when established before any incidents occur. If you cannot, it's important to choose someone you trust to handle your financial and medical decisions. This person can step in and manage your affairs according to your wishes. Additionally, it's wise to have a backup person if your primary choice is unavailable.

Whether or not you require an estate plan is determined by the size of your estate and other considerations, but it is wise to start planning now. If you have yet to review your estate plan recently or have yet to begin the process, feel free to reach out to me. Let's schedule a complimentary 15-minute consultation together.