Imagine that you have worked hard for many, many years to build a comfortable life for yourself and your loved ones, only to have those assets disappear when you pass away.
It sounds terrible but it can happen, which is why it is important to discuss estate planning and to get on this right away to ensure you secure your legacy.
What is estate planning?
Estate planning is like crafting a roadmap for what you want to do with your assets and what your wishes are after you are gone. It is not only for the rich.
Estate planning benefits anyone who has assets and wants to keep more control over those assets.
The power of a will
At the heart of an estate plan is the will. You have likely heard of wills many times. This document spells out who gets what when you pass away.
It is your opportunity to split up your belongings and designate guardians for your children (if you have any) and you can even leave instructions for the care of your pets, if you have any.
Avoiding probate
Have you heard of families fighting over assets in probate court? This is a common occurrence because probate is a public process, so anyone can see what your will says and who the beneficiaries are.
Sometimes that leads to people contesting your will, which inevitably adds time and expense to the process of divvying up your assets before your beneficiaries can get anything.
Protecting your kids and fur babies
If you have kids or animals, you know how much they mean to you and probably want to make sure you do everything you can to protect them when you are not here.
If you have an estate plan in place, you can specify what you want to happen with your kids and your fur babies in that document, which is a private document that does not have to go through the court.
Estate planning is not just about what happens after you are gone. It is about peace of mind. Crafting a solid estate plan can ensure you take care of your loved ones and take control of your legacy, leaving behind a clear roadmap for the future.
