The Importance of Estate Planning

Most people associate estate planning with the land. The truth is everything that you own can be termed as your “estate”. Your home, your car, your furniture, your bank accounts, any and all investments and your possessions, they’re all a part of your assets. Being valuable, and close to your heart, what happens to them later is something that you alone should be able to decide. You may not be able to take them with you everywhere, but you can make sure that they go to someone you love and who needs them more. This is the reason, why it is very important to start making plans for them as soon as possible. Life is too short to hold off such decisions for a later date.

Why everyone should be thinking about planning their estate?

Ordinarily, a person who has retired realizes that he’s getting older and starts worrying about things like these. The Younger populace doesn’t spend as much time in thinking about it, if any. What they don’t realize is that death does not come knocking on your door only when it is invited. It can strike anyone, at any time in the form of accidents or illness. People avoid worrying about this, but the truth of the matter is that it is inevitable. The sooner you start to plan everything, the less you’ll have to worry about the state of affairs of your family.

Estate planning is not only for the rich either. No matter how much you ended saving up in your lifetime, it is important that you leave it to your loved ones, taking care of all their needs. Your hard earned money should not fall under the hands of people you don’t wish to help. If you die without planning your affairs, your possessions will be distributed according to the laws of your state. It may go completely against your own will. If you have children who are minors, then the court will be responsible for handling their inheritance.

Why hire a financial planner to plan your estate?

It is important that you plan your estate precisely, taking into consideration all the financial laws and basic tax implications. A financial planner is qualified to give you the best possible advice that is suited to your situation. Even if you’re familiar with some of the taxation laws, an attorney can only give you a broader overview. They are specialized in dealing with such circumstances, and moreover, they are always aware of the current changes made to gift and estate laws. As a client, you may or may not be conscious of the exact alterations made to the rules.

Sometimes, they can also help strategize plans using your investments and this can help build up your estate even more before it is passed along to your spouse and children. If you are ready to start the estate planning process, then contact the advisors at Wealthnest Planners for a free introductory meeting and financial physical.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Investing in securities is subject to risk including risk of loss of principal. No strategy assures success or guarantees against loss.

 

Michael McGinley, CFP ®
Comprehensive Wealth Manager | Tax Advisor
Chandler, AZ 85226