Broker Check

Estate Plan: Do I Need One?

July 24, 2019

There’s a common misconception that estate planning is only for the wealthy. Regardless of your financial situation, an estate plan allows you to have a plan in place after your death. Especially if you have a house, children, and other assets, you need to consider getting a plan in place.

Having an estate plan ensures:

  • Your wealth is passed on to those you desire
  • Your children will be cared for
  • Your affairs will be handled minimizing chances of family strife

The next question begs, “when should I start my estate planning?”. The short answer is now. Many think they’re too young or too healthy, so death seem like faraway concepts. However, life can come at you fast and most of all, unexpectedly.

Here are some key points to take into account when starting out:

  • You need a will to decide who will manage your property when you’re gone.
  • Take stock of all the assets you own such as your investments, retirement accounts, real estate, business interests, insurance policies, and valuable items, and a list of the beneficiaries whom you want to leave these assets to.
  • Create a power of attorney and a medical power of attorney to decide who will handle your affairs and manage healthcare decisions for when you’re unable to.
  • As needed, decide who will look after your children and act as their guardians.
  • Determine how you want your funeral to be arranged.

Estate planning can be daunting, but it doesn’t have to be difficult. You’ve worked hard for your assets and want your loved ones to benefit from them. Give us a call and let us guide you in making informed decisions that are best for you and your family’s future.

The content within this document is for informational and educational purposes only and does not constitute legal or tax advice. Customers should consult a legal or tax professional regarding their own situation. This document is not an offer to purchase, sell, replace, or exchange any product. Insurance products and any related guarantees are backed by the claims paying ability of an insurance company. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.