There’s no doubt about it, you have been working extremely hard your entire life to build financial security and establish investments and assets that make you proud. But eventually your time on Earth will be done, and you can’t take anything with you when you leave. This is why estate planning is so important: with a well crafted estate plan, your real estate, bank accounts, investments, insurance policies, and personal possessions will all be used and distributed to your exact specifications, and your life’s work will not go to waste. If you haven’t started your own estate planning yet, 2017 is definitely your year to begin!
No Better Time Than the Present
Whether you are 27, 42, or 73, estate planning matters. Upon your death, if you have not established a legally recognized way for your assets to be handled, they will default to the state for management that is strictly objective and not concerned with your family dynamic. By making 2017 the year of your estate plan, you can live the rest of your life feeling comfortable and confident that everything will be handled in an organized and succinct manner when you are gone. You can protect everything from your business interests to your home, and ensure that your surviving family members never struggle financially.
Components of Estate Planning
Estate planning isn’t just one document, but rather a collection of legal preparations that all fall under the umbrella of estate planning, including a will, a trust, a living will and health care surrogate, a financial power of attorney, beneficiaries, and much more. You don’t need to feel overwhelmed and complete everything at once. If you are young, begin with a will, term life insurance, and powers of attorney for your assets and health care decisions. You can then work with your estate planning lawyer to gradually move forward with other elements as your financial situation becomes more complex.