Estate planning means preparing in advance for your death by detailing who should receive your assets when you pass away. Most people put off estate planning until later in life, which is common, but this can lead to immeasurable heartache for your family. It is never too early to plan your estate, so don’t leave your assets to the fate of probate.
When is it Time to Plan Your Estate?
Estate planning is not just for the retired or elderly. Most people do not like to think about these things, but you never know when a severe illness or serious accidents can happen. Every adult, regardless of age, should have a basic estate plan, including a Last Will and Testament.
Most importantly, estate planning is not just for the wealthy. The absence of a will can sometimes bring the most heartache to families with modest possessions, as they can afford to lose the least.
Neglecting Estate Planning can be a Huge Mistake
As mentioned above many believe they do not have enough assets, and that can be a huge mistake. Other common mistakes or misconceptions include: I’m not old enough, I don’t have the time, I don’t know who to trust or I don’t know where to start. Don’t make these mistakes. These are all things that could lead to love ones picking up the pieces after you are gone.
Many people don’t realize that if you die without a plan, your state has one for you, and it may not be favorable. In this unfortunate case, your assets will be distributed according to the probate laws in your state.
On the other hand, an effective estate planner does so much more than assign belongings to family members. They often assist with things like guardianship, end of life care, ownership transfers of business or property, and trusts.
Don’t Wait. Contact DreamWork Financial Group to Develop an Estate Plan
Don’t wait until it’s too late to make a plan. Let DreamWork Financial Group help you plan for the future, so your family can be left with security, and you are comfortable knowing your assets are distributed according to your wishes. The greatest benefit of talking care of your estate is peace of mind. And there is no greater gift you can give your family.