Mental in-cognizance and death are two subjects that many people avoid discussing with their loved ones either because they do not want to upset or bother their children, grandchildren, friends, or other relatives or they are uncomfortable discussing it themselves. However, by not discussing their wishes with others or by not creating an estate plan, loved ones, all too often, must deal with complex issues and difficult decisions.
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine you particular estate planning needs.
If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. Estate planning can be a complicated process based on a person’s goals and objectives, and there are many tools you can use to help you achieve your estate planning goals. To create an estate plan, you need to have at least a working knowledge of the basic estate planning tools that are available, such as:
A will is probably the most vital and the most commonly known. Even if you’re young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children, because in many states, your will is the only legal way you can name a guardian for them.
Source: Broadridge Investor Communication Solutions, Inc.
(Broadridge Investor Communication Solutions, Inc. does not provide legal, taxation, or investment advice. All the content provided by Broadridge Investor Communication Solutions is protected by copyright. Forefield clains no liability for any modifications to its content and/or information provided by other sources)