Why You Need an Estate Plan IT’S TIME TO HAVE A CONVERSATION ABOUT THE FUTURE
C onstructing an estate plan is a crucial part of preparing for the future. But it’s not just your future; it’s the future of your family, your legacy, and beyond. Unfortunately for many families, estate planning is often something that gets sidelined. People don’t want to have frank discussions about the future, including conversations about money and death. While you may have an idea of how you want to pass your wealth and assets on to the next generation, it needs to be in writing and legally verified. When the future of your estate isn’t clearly defined, it can lead to serious legal complications —not to mention heartbreak and stress for family members.
You can appoint a trusted executor. You know who you trust and who is capable of handling your wealth when you cannot. When you appoint an executor, you know your wishes will be carried out to the letter. If you do not have an estate plan, and no executor is named, a judge will appoint someone to handle the process, and it may be someone you do not want handling your estate. Your heirs avoid probate. When a written will or plan is not in place or is not verifiable, it may enter probate. This process can cause all kinds of headaches for your heirs, including fees, extra paperwork, and possible court appearances. Having a legally sound plan in place does not guarantee probate will be completely avoided, but it does make the process significantly easier. Your heirs avoid a tax bomb. While your heirs may still have to deal with some taxes on an inheritance, the right planning can help them avoid paying excessive taxes. This includes estate taxes or income tax. When it comes down to it, it’s vital to have the estate-planning conversation with a wealth advisor or estate-planning professional. Get the details in writing, and set yourself and your heirs up for future financial success.
When you have an estate plan, you ensure the following:
You’re in control. Even when you’re gone, your wishes live on. You can choose heirs, as well as charities, and direct exactly where your wealth and assets go. This often includes setting up trusts to ease educational expenses for future generations.
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SOCIAL SECURITY OPTIMIZATION Little Falls Library, Bethesda, MD Thursday, November 8 at 6:30 PM 5 PILLARS OF RETIREMENT DINNER SEMINAR (Invite a Friend Event)
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