Estate Planning allows you To Control Your Finances and Wishes When you no Longer Can

Posted Posted by admin in Uncategorized     Comments No comments
Aug
15

Summary: A well worded and ironclad will, along with careful estate planning, will protect all you’ve built when you no longer have a say. Plan your estate today so that you may immediately begin to see the benefits, and have peace of mind that your affairs will always be in order.

 

You’ve spent your life building your worth and estate, but what will happen to it when you’ve gone? What is the best way to make sure that your affairs are in order and your loved ones are taken care of? Estate planning is the preparing of a combination of documents and plans to be executed after your death or as you advance in age. With estate planning you can have an active hand in your affairs after your demise, and set a plan for your estate to follow in the short and long-term future.

 

Appointments

Estate planning is something that everyone should look into when entering a certain stage of their life, usually right at the point when you begin to stable off. On one hand, there is still time left to handle your final decisions and dispersing of finances. On the other, the future is unpredictable and there are ways that you can benefit from estate planning now, while you’re still alive and well. What will be the best move in the present is to name your appointed powers, and trustees.

 

If you have any children or dependants, take time to select a legal guardian that will take care of them should harm befall you. Also, trustees can be appointed to guard your estate until children have reached an age where they finally become fit to take on the responsibility of the estate themselves. If you want to leave your estate to the be dispersed by a person you trust, powers of appointment can be granted that will allow the individual control of dispersing or managing your estate when you die.

 

Assets

Next, it is the assets that will need to be managed. In estate planning, asset management can take effect the moment you finish the paperwork; you do not necessarily have to be deceased. Also, a last will and testament is a great tool for protecting your assets and choosing how you wish they are handled upon your death. Do you want your estate to be donated to a charity? Maybe given to a certain family member or friend? Do you want your money protected from the vultures that inevitably come out of the woodwork upon death and try to steal a cut? Careful wording and well-managed finances will save the day in your will.

 

The fact that estate planning is executed immediately is useful if you would like to set up a trust fund for a child or grandchild. They may be paid out regularly, with conditional powers given as they age. A trust fund is very important to estate planning as it gives you control of your assets, and protects your heirs from many different taxes that cut inheritances to shreds.

 

Healthcare

Finally, you may wish to use estate planning to leave directions or instructions of how you wish to be cared for in your advanced age, or when you’re no longer able to make those decisions yourself. Many people like to name a family or loved one to make all the legal decisions for healthcare, a common choice. Or, maybe you would like to make the decisions yourself and provide an answer to dilemmas that may come up; such as prolonging life in the face of catastrophe? Maybe you want to enact specific burial plans? Estate planning can set these affairs in order.

 

Whether you like it or not, you cannot control the future of your estate after death without a will and estate planning. It is best to handle these matters now, and set them aside so that remaining time can be spent with family and friends. Estate planning is useful no matter what the age; enact take advantage of the power of managing your future today.

Post comment