Estate planning is a cornerstone of any healthy financial plan, but it can be difficult to discuss.
Estate planning can be an emotional and challenging endeavor. However, here are three tips to make it easier and to help you prepare for the future.
The word “estate” has always been connected to “ultra-rich” families, those with a lot to leave behind after their death. However, definitions have changed, and anyone who has anything to leave behind needs to plan their estate. “Estate planning” essentially becomes your family’s guidebook, once you are no longer in the picture. Sounds important? Definitely, and here’s why.
When it comes to estate planning and deciding who gets what, most people concern themselves, understandably, with big-ticket items: investment accounts, real estate, business interests, etc. In doing so, it’s easy to overlook personal possessions, the seemingly mundane items that are part of daily life.
A marriage isn’t only an expression of love. It’s also a legal arrangement, and as such, many states have laws on the books dictating that when a person dies, their spouse becomes their de facto heir or guardian of their estate.
Putting your last wishes on paper is critical to ensuring your family is taken care of when you die.
What are the advantages of putting assets into a trust?
Using a lawyer is always a better choice than going through the process independently.
A will is a legal document that allows you to decide what happens with your estate after you passed away. Unfortunately, not all people consider creating one because they think that it’s complicated and just an extra expense.
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