There are a lot of misconceptions that estate planning is only for retirees or individuals approaching the later years of their life. Because of this, many people put off estate planning and wait too long.
A well-detailed estate plan can help mitigate disputes and conflicts when settling a decedent's final affairs or distributing assets to heirs. In addition, planning now with an expert advisor will provide you and your family with peace of mind. Keep reading to find out why now is the time to start planning your estate!
Common misunderstandings about estate planning.
Estate planning can be a complicated task. However, distinguishing between fact and fiction can help make the estate planning process more transparent and manageable to the average person.
Some common reasons people delay their estate planning responsibilities include:
- They don't think they have enough money or assets.
- They feel they are too young to begin planning.
- They don't understand the process.
- They don't know where to begin or where they can find help.
Don’t let these misconceptions prevent you from planning for the future. Planning for potential uncertainties can never happen too early. If you want to understand how the estate planning process works or need assistance when drafting your estate plan, it is crucial that you speak with an experienced financial planner like the ones at Masonboro Advisors right away.
The best time to start the planning process.
The best time to begin planning your estate is right now. The truth is nobody knows exactly how long they have. Accidents and unexpected illnesses can happen suddenly, and it's essential to have your affairs in order. If something happens, it is imperative that you and your family know how your assets will be distributed.
Effective estate planning is all about managing your affairs during your lifetime and controlling the distribution. Your estate consists of everything you own. Your house, car, investments, insurance, personal possessions, debts, mortgages, and other liabilities are all part of your estate.
Having a plan in place will give you and your family a sense of peace as it helps preserve your family's wealth and helps provide for your family so that no one is left facing financial hardships. If you have children, estate planning also ensures that they are protected at all costs and are watched over if something were to happen.
Getting the experienced financial guidance you need.
Planning your estate allows you to make the final choice about your finances. When a person passes who did not create a secure estate plan, the state government ultimately decides where the funds go, typically through a court-supervised probate proceeding. This process can be highly time-consuming, expensive, and cause a burden on your family and loved ones. A good estate plan can also minimize taxes due on an estate.
From investments to estate planning, financial preparation processes and decisions can be overwhelming. Let an expert guide you!
Don't wait any longer to begin planning your estate. Schedule an appointment with Masonboro Advisors to discuss your estate planning needs today. To schedule an appointment click here or call us directly at 910-742-0509.