Estate Planning
Estate planning is a strategy used to ensure that your loved ones are well cared for after your death and that your assets transfer to your intended beneficiaries with concern for minimizing tax implications.
This strategy isn’t just for affluent individuals. The definition of significant assets is dependent on your perspective. Strategies used are personal and it is important to all individuals as it provides the opportunity to align the distribution of your estate with your wishes.
However, estate planning is not just planning for death. Did you know that an individual does not automatically have the right to handle your spouse’s investments or other financial issues if the spouse is unable to because of mental incapacity? An enduring power of attorney can be set up for events like this.
Is it complicated? Is it expensive?
Many people avoid estate planning because they think it is complicated and expensive, which, for most estates, is not the case. While it does generally mean engaging (and paying for) a lawyer, with the legal documents in place, ultimately you can save time and distress. Larger estates may require additional layers of estate planning tools, such as trusts.