You have an estate. That’s right, your car, real estate, and the contents of your bank account are all part of your personal estate. Your estate consists of everything you own from investments to trinkets around your home, however grand or modest it may be. And while we enjoy these things throughout our lives, we can’t take them with us when we die. That’s where estate planning comes in.
So, what exactly is estate planning?
You probably want a say in what happens to your most prized possessions when you pass away. Yes folks, “when”, not “if”, while this topic can be intimidating to think about, it’s important to plan and discuss your wishes so your family can be prepared when this time comes. Estate planning is naming in advance whom you want to obtain your possessions after you pass. While this is the general definition of estate planning, good estate planning should also follow a few guidelines such as:
- Passing on your values
- Naming a guardian for minor children
- Caring for family members with special needs
- Transfer of business
- Minimizing unnecessary legal fees, taxes and court costs
While it’s easy to think estate planning is something you don’t need to worry about until you’re older, that’s not necessarily true. Yes, the elderly tend to put more thought into this sort of thing, however, an individual’s lifespan can’t be predicted, illness and accidents can happen to anyone.
No one likes to face their own mortality, this is the very reason so many families are unprepared when death becomes a reality. Don’t wait, give your family the gift of peace of mind and put a plan in place.
Collins Law Firm, LLC helps families and businesses build, protect and efficiently pass their wealth on to the next generation.