As our family grows and we grow older, our financial needs and wishes may change. Many of our clients’ wills haven’t been updated in far too long to the point where the information is no longer relevant. There are ways in which you can get the most out of your estate by disseminating it in particular ways when that time comes. Here are five reasons you should consider updating or establishing your estate plan now.
- One Size Doesn’t Fit All
Many cookie cutter estate plans don’t account for grandchildren. If you have loved ones two, or even three generations down, you can set up funds for them so that they have security when they become adults. You may want to give an allocation of your assets to someone outside of the family to show your appreciation. Families are incredibly unique and your estate plan should reflect that.
- Reduce Costs
By setting everything out in plain English, you will guarantee that your wishes will be carried out in an expedited manner, saving your family the headaches and costs associated with probate.
- Protect Assets From Others
We’re sure you’ll agree that it’s important to keep your assets in the family. With the proper designations in place, you can limit how much of your assets go to long-term care such as nursing homes. Less-than-honest caretakers are a serious concern for many of our clients
- Leave Behind a Legacy
A sure-fire way to ensure your legacy stays true from generation to generation, you could set up your IRA to guarantee that it lasts. This, in essence, “stretches out” your retirement fund indefinitely.
- Protect Your Family
When your family inherits your estate, you want to make sure that it stays in the family. There are ways in which we can protect the inheritance from divorce and lawsuits. Make sure to ask us how.
While estate planning can be a sensitive subject, it’s best to address any issues now, rather than have your family fight in the future. You worked for it, you should decide what happens. Get started today.