Understanding Estate Planning
Your estate is made up of everything you own; nearly everyone has one, no matter how large or small. Your home, car, furniture, checking and savings accounts, investments, life insurance, and other personal possessions are all part of your estate. At some point we will all die and won’t be able to take those possessions with us. What will happen when that time comes? If you have an estate plan in place, you will get to control what happens to those possessions instead of the government or someone else whom you did not choose. This is why estate planning is so important.
Some helpful steps to consider when planning:
1. Sit with a lawyer and write a will.
2. Take an inventory of all your tangible and intangible assets. Tangible assets include your home, vehicles, collectibles, etc. Intangible assets include your checking, savings, and investment accounts, life insurance, etc.
3. Make sure your family is protected. Do you have life insurance? Who will take care of your minor children? And how will they be taken care of?
4. Keep the beneficiaries on your accounts and wills up to date.
5. Talk with an accountant about your state specific estate laws to avoid unnecessary taxes.
6. Include detailed instructions about your care if you become disabled before death.
7. Reassess and update your estate plan on a regular basis. This is not a one-time event but an ongoing process.
The best time to plan your estate is now. Don’t be caught off guard like many others have been. Knowing you have a properly prepared plan in place will give you and your loved ones peace of mind. When it comes to your loved ones, don’t leave anything to chance.
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The best time to plan your estate is now. Don’t be caught off guard like many other have been. Knowing you have a properly prepared plan in place will give you and your loved ones peace of mind. When it comes to your loved ones don’t leave anything to chance.
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