Death, it’s a subject most of us would rather avoid altogether. And though it is the last thing you want to think about, estate planning will help lessen the burden on your family and loved ones after your death. Having a solid plan for what happens with your investments, savings real estate and other assets after your departure is very important. After all, do you really want someone else to have to make those decisions after you are gone?
Some very valid questions many people ask is why they need an estate plan if they are young and healthy or if they feel they don’t have enough money to reap the tax benefits of a plan. But we have a list that will make perfectly clear why estate planning is critical for everyone, regardless of age or net worth.
Children– When you die, do you know who will raise your children? Without an estate plan in place, a court could very well make that decision for you. With a comprehensive plan, you choose the guardian of your choice.
Blended Families– Have you been in multiple marriages? Without a solid estate plan, children from various marriages might not be treated in a way you desire. But with a plan, you have the option of choosing which assets go to your current spouse and which go to children from previous marriages.
Financial Security– Do you know how your family will survive when you are gone? Without an estate plan, your family might not be able to maintain their current living standards. A plan will ensure your family’s financial security.
The time to start thinking about estate planning is right now. Reach out to your financial advisor in Northbrook for further details and information.