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 few common reasons people delay their estate planning responsibilities are because they don’t think they have enough money, they feel too young to begin planning, they don’t understand the process, or they don’t know where to begin or where they can find help.
The best time to begin planning your estate is right now. The truth is, nobody knows exactly how long they have to live. Illnesses and accidents can happen unexpectedly and it’s important to have your affairs in order now, so that if something were to happen, you and your family know where and how your assets will be distributed.
Effective estate planning is all about managing your affairs during your lifetime and controlling the distribution of wealth after death. 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 peace of mind as it helps preserve your family’s wealth and helps provide for your family so that no one is left facing financial ruin. If you have children, estate planning also ensures that they are protected at all costs and are watched over if something were to happen.
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 gets to decide where the funds go, typically through a court-supervised probate proceeding. This process can be extremely 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.
Don’t wait any longer to begin planning your estate. Schedule an appointment with a Masonboro Advisor to discuss your estate planning needs today. To schedule an appointment, call us directly at 910-742-0509.
Investing involves risks, and investment decisions should be based on your own goals, time horizon and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
Indexes discussed are unmanaged and you cannot directly invest into an index. Past performance is not a guarantee of future results.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.