The first step to a secure future
If you have possessions, you have an estate. The disposition of your possessions when you die is called estate settlement. Deciding in advance how this will be done is known as estate planning. Yet, in the course of our busy lives, proper estate planning is often neglected due to a variety of reasons.
Many people assume that estate planning is only for the very rich, but actually, the more modest your estate, the greater the need to arrange for its careful handling and disposition. There is also a tendency to overlook the extent of what you own. Your possessions include assets, such as equity in a home, personal and group life insurance, deferred employee benefits, as well as the securities and investments you have.
Good estate planning involves a generous measure of financial management during your lifetime. If you're married, you and your spouse may want to decide how your assets will be administered for the maximum advantage of the survivor, should one of you die. If you have children (or grandchildren), what are their circumstances and needs? What will happen to any business in which you have a share? Is there a charitable organization you favor that could use help from your estate? These are all questions you will have to ask yourself and set forth a plan for.
The tools of estate planning are written documents that precisely indicate your intentions and the powers to accomplish those intentions. They include:
Begin by compiling an inventory of personal data. This included the current value of all your assets, how they are owned, your liabilities, and names and addresses of intended estate beneficiaries. This is also the time to indicate which charities are to receive a bequest in your will.
With a proper plan in place your loved ones won't be forced to pick up the pieces of a confused financial puzzle because you'll have prepared beforehand.
We would be glad to assist you, your tax consultant or lawyer in exploring the living trust option further. Please call us today at:
1.800.992.2383 Ext. 10