You might think estate plans are only for the 1%, but the truth is that everybody needs one. No matter your net worth, having a plan will secure your demands should the unexpected occur. Here are all the reasons you should have an estate plan.
To Meet your Needs
The estate planning process is essential as it allows you to have your needs established if you cannot meet them yourself. If you are incapable of tending to your assets, a revocable trust will allow you to maintain these demands regardless of whether you are around to handle things yourself, click here for mycare info.
To Protect your Wealth, Use mycare
To prevent creditors from staking claims in your estate, your planning can include wealth transfer strategies that protect your assets and distributions. You may wish that your partner, children, or grandchildren obtain assets of your estate, and by including these strategies, you are protecting their say in these matters when the time comes. By recognizing on paper which family members have ownership over what, you will also avoid potential arguments and disputes between family members and close associates over the ownership of your estate. For additional support in the estate planning process, reach out to mycare and see what help they may offer you in the process of estate planning.
To Keep Things on your Terms
A critical part of estate planning is the will, a document that lists representatives who claim aspects of your estate once you die. You can plan to have your children oversee the care of your assets. If you do not create an estate plan, the sentiment of where things go will be lost, and you will not be able to ensure that those you love and trust the most will obtain what you wish for them to have. There are specific assets that require you to list beneficiaries as well. You will want to have the ability to coordinate how they are distributed.
To Achieve Philanthropic Goals – Estate Plan
Meeting your objectives as a philanthropist will also require that you play an active role in your estate planning. While you can, you will have the ability to choose which charities, tax planning, or generational aids you wish to contribute to. Again, listing where your wealth is going will prevent creditors from seeking claims over what’s yours and will also help to illuminate family disputes over ownership of property. Philanthropy is certainly not the first objective that creditors or family members will consider, so the more responsibility you take in advance, the greater your chances are of securing your wealth.
Estate planning is a necessary evil that you will want to be involved with in order to have your needs met and to consider the benefits it will give your family and charitable causes. If you don’t know how to begin, contact an estate planning attorney to set you on the right track. You matter, so show your worth with an adequate estate plan.
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