When You Die Will Your Family Have To Struggle With Court?

Estate Planning Is ImportantMost people prefer not to think about the horrible fact that everyone, including you, will die some day. It isn’t fun to think about and I don’t blame you one bit.

Unfortunately, after you’re gone you aren’t going to be around to help out or pick up the pieces. I’m betting that there will be a ton of people that you will leave behind that care a great deal about you.

These people will be going through an extremely difficult time dealing with your passing, but it will be even more difficult if you haven’t done any estate planning when you were alive.

Why Estate Planning Is Important

Estate planning is an extremely important thing to take care of early in your life. Then, after you’ve established your estate plan the first time, you should update it often.

The reason why you should take care of estate planning early in life is because it is always best to be prepared. You never know what could happen tomorrow and you don’t want your loved ones to have to go through the pains of trying to figure out every part of your financial life after you are gone.

Estate Planning Helps Those You Care About Most

Estate planning helps you to ensure that those you care about most are taken care of. Rather than letting the courts decide how to divide your estate, you can specify exactly what goes to each person. Make sure you take care of the people that are most important to you.

You can make sure your assets are properly set up to reduce the potential tax burden, too.

Estate Plans Allow You To Determine Your Money’s Destiny

Estate plans can ensure that your assets are used in the way you want. Maybe you’d prefer to have all of your assets go to a particular charity or to start a foundation in your name that supports a particular cause. You can do exactly that if you get your estate plan set up properly!

You could also put your money in a trust for your children so they don’t blow all of the money before they turn 35. If your children are young, you could set certain stipulations on when they can receive different portions of the money you’ve left to make sure they don’t blow it all on beer in college. They’ll thank you once they’ve matured financially.

Estate Planning Can Help Tax Consequences

Estate planning can also help ensure as much of your money gets to the intended recipients as possible. There are many complicated tax issues that can take place depending on how your estate is structures and how tax laws change.

Unfortunately, a lot of your money could end up going to pay taxes if it isn’t structured properly. A well written estate plan can help avoid these issues, but it needs to stay up to date with the most recent tax law. Tax law changes often!

Update Your Estate Plan Often

You always hear about the importance of having an estate plan, but what you don’t hear quite as much of is the fact that you should review and update your estate plan often. Why?

Life changes constantly. Wouldn’t it be horrible if you had a major life change and forgot to update your estate plan? It’d stink to get married to the love of your life and then forget to add him/her in the estate plan and then have something happen.

Find An Expert To Help You Craft Your Estate Plan

I am not an expert in estate plans, so I can’t tell you how to set one up. I can only impress how important they are and hope you’ll listen! Once you’ve decided you need to get moving, find an expert that you can trust to help you set up your estate plan. It’ll be well worth the money just by giving you some peace of mind.

Don’t allow yourself to live without having an estate plan in place if you have people that rely on you, your assets and your income. It isn’t fun, but it’ll be some of the best time and money you can spend in your life.

Do you have an estate plan? If not, when are you going to set one up?

7 Reasons You Should Pay Your Bills As Soon As They Arrive

Pay Bills When They Arrive

Today's article assumes that you are not living paycheck to paycheck and have money in the bank to cover your bills as they come in. If you don't have some money saved up yet keep working and remember to apply this when you have some cash in the ...

Continue Reading...

Citi® Double Cash Credit Card Review – Earn 2% Cash Back

Citi Double Cash Credit Card 2 percent cash back

I've been waiting for the day that a credit card company issued a cash back credit card that offered 2% cash back with no strings attached. Well, today is the day I've been waiting for. Please welcome the Citi® Double Cash Credit Card to your ...

Continue Reading...

John Hancock – #LifeComesNext Video Series

The following is brought to you by John Hancock. Have you ever sat and thought about how quickly your life could change? Tomorrow, anything could happen. Lives often change in an instant. Many of life's biggest changes smack you in the face ...

Continue Reading...

You Will Never Get Rich By Just Saving – Do This Instead

Never Get Rich By Saving

I'm here to tell you that you'll never get rich by just saving money. It's a simple fact of life. Unless you're a ultra high earner, saving alone won't make you rich. However, people tell you every day that you need to save money. They have to be ...

Continue Reading...