Is estate planning for me?
Estate planning is nothing more than deciding who you would leave your assets to. At this point many people give up saying that:
- they do not have an estate
- their spouse or their children will automatically get everything
Both these reasons do not hold water because…
Let’s look at the first point…
Your estate comprises of everything you own— your car, home, other real estate, savings accounts, mutual funds, shares, furniture, personal possessions- everything that you create or own is your estate. And it doesn’t matter whether it is small or big your estate is because the fact of the matter is- your estate is what you leave behind so you should decide who should get it.
This brings us to the second point.
There have been cases where estate has been shared between some living relatives whereas the person had no relationship with some of them. All this happened just because people didn’t specify whom the estate should pass onto. They never seriously considered the path of estate planning.
Why estate planning?
Estate planning helps ensure that your wishes are carried out and your loved ones don’t feel deprived. In an estate plan, you need to provide instructions stating
- whom you choose to receive your estate or part of it
- what you want them to receive
- when they are to receive it
Plus, a god estate plan also makes sure that all this happens with the least amount paid in taxes, legal fees, and court costs. This is the basis of estate planning.
There is no way to predict the future, but there are many ways to prepare for it. At WillEffect our customized estate plans help you by protecting and preserving your assets through Wills and trusts. They also help your beneficiaries avoid unnecessary costs and taxes.