Believe it or not, you have an estate, just like everyone else. Your estate is a sum up of your car your home, other real estate, checking and savings accounts, investments, life insurance, furniture, and other personal items. Unfortunately, you can’t take it with you when you die. So you will want to control how those things are given to the people or organizations you care most about. To make sure everything is carried out to your plans, you need to provide details explaining whom you want to get something of yours, what you want them to get, and when they are going to get it. You will want this to be as cheap as possible, avoiding a lot of taxes, legal fees, and court costs.
- Make a plan in advance to figure out where your values are going to go to (religion, education, hard work, etc).
- Name a guardian and an inheritance manager for minor children.
- Provide for loved ones with special needs.
- Include life insurance to help your family after your death
- Minimize taxes, court costs, unnecessary legal fees
- Your plan should be reviewed and updated as your family and financial situations change over your lifetime.
Estate planning is for everyone. It is not just for “retired” people! Unfortunately, you can’t plan how long you will live and accidents happen of all ages. People that have built up their wealth also try to find ways and ideas on how to preserve it. Good estate planning often is valued more to families with more expensive assets.
When you die, your state can choose your plan. You probably won’t like it. If you pass away without a plan, your assets will be given to the probate laws in your state. In most states, if you are married with children, your spouse and children will each receive a portion. If given the choice, which you are, wouldn’t you prefer these details to be handled in private with your family, not by the courts? Would you prefer to have control over who receives what and when? And if you have young children, to have a say in who will raise them if you can’t?
The best time to plan your estate is now. No one likes thinking about their mortality and the possibility of not being able to make decisions for themselves. Don’t wait. Knowing you have properly prepared a plan to protect your family and assets will give you peace of mind. This is one of the most thoughtful and considerate things you can do for yourself and for those you love.
Go to https://www.fidelity.com/life-events/overview and check out their estate planning details.