Estate planning might not be at the top of your list-but it should be no matter your age. Estate planning involves deciding how you’re going to dispose of your assets when you die, and while this isn’t the most thrilling topic to talk about, it is an important conversation to have.
Control over assets— Without a will or a trust in place your family members have to petition the court to get control of your real property, bank accounts, business, etc. A process that can take years, rack up fees, and get emotional fast.
Protect your heirs— If you do not direct who you want your assets to go to, the court decides for you through their intestate succession statues. You’d be surprised, everything does not always go to the surviving spouse.
Minor children— If you have a minor child and do not have a will or a trust in place, anyone can petition the court to be the guardian of your minor child in the event of your premature death.
Preserving assets— Proper estate planning allows you to effectively transfer what you want to the next generation to build generational wealth.
Taxes— Proper estate planning can reduce or even eliminate federal and state estate taxes and inheritance taxes.
Eliminate Emotions— The passing of a loved ones creates a rollercoaster of emotions. Help eliminate the strife and family messes of figuring things out when you pass with proper estate planning documents in place.
