Estate Planning

Estate planning sounds like something that only the wealthy take on. The word “estate” is misleading. In this meaning it is used to refer to your final assets, including property and finances.

What is Estate Planning?

Planning in advance is what estate planning is all about. Make sure your final business and personal matters are organized before your death and that you have a legal and updated Will, an Executor, a living will and a power of attorney, among other things. With a plan for organized estate planning you have the knowledge that your personal business will be handled in a manner in keeping with your wishes.

Taking the Time

You have done your financial planning. You have spent a number of years budgeting, working hard to save a tidy little nest egg. You now have retirement investments in both an IRA and mutual funds. You hold stock in a number of companies and do not forget the beach house and the personal business you would like to keep running. Do you really want someone else meddling with your finances or personal property and deciding what happens to it all? Taking the time out for estate planning assures you the control you deserve, at any stage of wealth, over your personal matters.

Most people planning for their end-of-life matters consider drafting a personal Will or a living will. They choose an Executor and guardians for their children. If they have a considerable amount of wealth, they might begin considering talking to a financial advisor about the costs their estate will incur upon their death, often called probate costs.

A Living Trust

A living trust is a legal state of one’s finances that secures personal assets from the damage probate costs can do when a person dies. A living trust is entered into while the person is still living. The Grantor, whose money is involved, assigns a Trustee to handle all finances and then names Beneficiaries to the Trust. Living Trusts can be complicated, and come bundled with an assortment of legal stipulations you should discuss with your financial advisor. An increasing number of people, though, are choosing the option of a Living Trust as a way to safeguard their finances and ensure their beneficiaries are taken care of.

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