No one likes to think about death, but it is a reality that we all have to face. One of the most important things you can do for your loved ones is to have a clear and concise estate plan in place for when you pass away.
An estate plan is a document that outlines your wishes for your property and assets in the event of your death. It can also include instructions for care of your children or pets, and can help ensure that your loved ones are taken care of financially after you’re gone.
There are specialised accountants that provide tailored financial solutions for private wealth, but even if you’re not wealthy or elderly, it’s still important to create an estate plan.
What is estate planning and what does it involve?
Estate planning is the process of creating a plan for how your property and assets will be distributed after you die. It can involve a variety of different legal documents, such as a will, trusts, power of attorney, and healthcare directives. As mentioned above, you can also use estate planning to make arrangements for the care of your minor children or pets in the event of your death.
Let’s say you have several properties that you own outright, and five adult children – a good estate plan will clearly specify how those assets are to be distributed among your children. You can also set up trusts to provide for the financial needs of your grandchildren, or establish a charitable fund in your name, for example.
Why do you need an estate plan if you’re not wealthy or elderly?
Even if you don’t have a lot of property or assets, it’s still important to create an estate plan. This is because an estate plan can help ensure that your loved ones are taken care of financially after you’re gone, and can help make the process of distributing your property and assets much easier for them.
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How much does estate planning cost, and is it worth the investment?
The cost of estates planning varies depending on the complexity of your situation and the types of documents you need. However, many people find that the peace of mind and protection that comes with having an estates plan in place is well worth the investment.
If you’re ready to start creating your estates plan, contact a qualified attorney or financial advisor who can help you achieve your goals.