Like life insurance, planning for the end can be a difficult and confronting process. The best way to save your family from emotional and financial hardship, should you pass suddenly or be unable to manage your affairs, is to plan your estate.
Estate planning involves making important decisions as to who will be managing your affairs, who will be inheriting your assets, and ensuring that your assets are distributed according to your wishes.
If you haven’t yet considered implementing an estate plan, here are some of the important elements.
As you can see, there are quite a few elements that make up an estate plan, but overall, the main purpose is to protect your assets and ensure they’re properly distributed. Without one in place, you run the risk of them being allocated according to state law which may not reflect your preferences, your estate could be subject to higher taxes and your control is limited. It also takes the difficult decision-making away from your family and beneficiaries, creating a less stressful time for them and minimising disputes.
If you haven’t created an estate plan or are interested to learn more, get in touch with your financial adviser to get started.
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