We spend lifetimes building a comfortable and happy life for ourselves and our family. Regardless of the size of an estate, the people we love deserve the fruits of that labor. It is never too early to seek help on what to do with your wealth after you’re gone.
Estate planning is not a comfortable process. However, the decisions are not for only you, but for those you leave behind. When mistakes surface, it is sometimes too late to create or correct estate plans.
Benefits of Estate Planning
Estate planning is about taking control of your future and the future of those you love most. Death and long-term care create an unknown that requires preparation. Do not wait until a catastrophic wake-up call. The benefits outweigh the urge to put it off.
Providing for a family is only one of many benefits. It keeps loved ones out of limbo while trying to decide what goes to whom.
Clarity on the care of children keeps them safe and where they belong. Guardianship, schooling, and daycare all affect childhood experiences. Ensuring their safety and quality of life puts everyone at ease without fear of the unexpected.
Early estate planning helps with high costs of attorney fees and court costs after a tragedy. It keeps the money in the intended hands.
Housing for a family after a death is not as cut and dry as it seems. Creating a plan for the family home keeps everyone where they are safe and sound without disruptions.
Estate planning is not only about what happens after someone passes away. Long-term healthcare and incapacity plans happen to many people. Decisions such as end of life plans and burial choices are part of estate planning that helps everyone in a family.
Estate Planning Mistakes and Remedies
Estate planning is a process. Rarely are these sorts of things comfortable or even easy. But, saving confusion and eliminating the unexpected gives people peace to live life to the fullest.
The first step is to create a real plan. Without a will or estate plan, probate processes and state laws will muddy an already tricky situation. It is best to be proactive and meet with attorneys and financial planners to create an estate plan.
Speaking of, only meeting with your estate planning team once is not enough. Things change, and an estate plan requires updating through every life event.
Around 70% of people 65 and over require long-term care, including nursing homes and home health care. The costs drain retirement, quickly. Financial advisers are there to help people find long-term care insurance and disability options, so a family has an estate after losing a loved one.
Taxes follow everyone throughout their lifetime, and beyond. Saving loved ones from tax liability is important for the overall estate, but it also works to eliminate the stress of taxes owed. Creating a tax plan is part of efficient estate planning.
Oversights in end of life planning will happen. It is why attorneys and advisers are the best plans of action. Improper execution and missing the importance of asset ownership are two of the most common mistakes made during estate planning. Decide what the assets are and understand their place in an estate plan.
Multiple heirs, including children and spouses, can get confusing when splitting an estate. It is where asset liquidity comes into play. One way to go about solving the issue is a life insurance plan that helps split up wealth and pay off debts. Sitting down with advisors and determining how much liquidity makes sense goes a long way to keep things cut and dry.
Designating guardians is single-handedly one of the most important parts of estate planning. Establishing who will take care of children keeps their life from the threat of uprooting. Whether it is a family member, friend, or spouse, leave instructions about guardianship and how life insurance and other monies go to support them for their lifetime.
The Right to Plan
Everyone has the right to plan what happens next. Attorneys help you to navigate every aspect of an estate plan. They are there to keep you from making common mistakes, and the not so common mistakes. The last thing anyone wants is to leave stress for their loved ones after a death.
Find the right financial team for you, so you know what to do with your wealth and property after your passing.