Having a proper estate plan or a legacy plan for your family is extremely important. While estate planning might not seem necessary, you never know what can happen. Estate planning is not only for the super-wealthy, as everyone can establish an estate plan for their financial future. In this blog, we are going to go over why it is so important to take another look at your options for your estate.
A lot of times, people tend to think estate planning is for the extremely wealthy and extremely old. However, anyone over the age of 18 is eligible to start planning for their assets. While 18-year-olds most likely do not have their own assets, the main point is that anyone can begin planning for their future estate.
Planning for what happens when you pass away is something extremely sensitive, and it is totally normal for people to feel nervous or unsure about planning for something so serious. However, estate plans range from having a will with a property and health care power of attorney (typically seen in younger audiences), or as you continue to age, the focus of an estate plan is commonly a living trust.
Living trusts are a great tool, as they can be used for couples or individuals that have a real estate of any value, even if there is a mortgage on it, or if they have assets of over $100k. Estate plans are key to knowing who will be in charge of what when you do eventually pass away.
Rather than leave problems for your family, establishing an estate plan with a comprehensive financial advisor is a great way to properly plan ahead while preventing leaving your family with the nuisance and difficulty of figuring it out once you are gone. Now, these are not things that we as humans love to talk about. However, estate planning is key to knowing what will happen with your belongings and assets after you pass away.
You do not want to end up leaving your family members with trouble and debts that you needed to pay off, right? Save yourself and your family the time and arguments and plan ahead. Planning early cannot hurt!
If you would like to learn more about the importance of estate planning, check out our episode of the Invest for Success Podcast here!
Mooney Lyons specializes in working with families when planning and preparing the future of their assets and their finances. Rather than leave behind a financial burden, leave behind a positive legacy. Take the first step on this path by contacting our estate planning specialists today to book your personalized appointment.
We are excited to work with you and make the estate planning process as seamless as possible.