Does the word “estate” inspire images of old age, big families and great wealth? You are not alone if your answer is affirmative. This common misconception persists today, with many mistakenly believing that this planning process needs only to be done when you are old with many heirs and very rich.
The truth is that any adult who owns assets — whether you are young or old, married or unmarried, at any income — has an estate.
So now the question is, what happens to that estate when you are no longer around? This is an uncomfortable but vital thought that needs to be answered as early as possible through the holistic process known as Estate Planning.
Estate Planning involves creating a strategy for how those assets will be handled when you pass away. This process can encompass a multitude of tasks, from Will Writing and Trusts to pre-planning your funeral details. A well-thought-through estate plan can include and address diverse issues, such as distribution of money, guardianship of minors or dependents, disposition of real estate and even business succession planning if you happen to be a business owner.
Saving You Time And Effort
Many people put off creating their estate plan because they believe it to be very time-consuming and troublesome. However, relegating it to the last minute would not be the wisest decision. Proper planning requires a thorough review of all assets you own, your family situation, and the current method of holding property as well as careful consideration of various contingencies.
Ensuring Things Happen The Way You Want Them To
You may think that things will fall in place naturally even without an Estate Plan. There are legal procedures to distribute assets without directives in place; in our local context it would be known as the Intestate Succession Act. However, establishing an estate plan in advance can clearly communicate how and whom you want your assets distributed to.
Think of your Estate Plan as the most precious last gift you can give. It can save your loved ones from the predicament of having to make tough calls, and in turn help to preserve the happiness and harmony within the family. Sharing insights into your personal values and future goals through Estate Planning can help your loved ones better navigate the uncharted waters of life without you. If you’d love to know more or get started, do connect with our team.
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