Reasons to establish your estate documents now.
Estate planning and life insurance go hand-in-hand. Thinking about your last will and testament and other end-of-life decisions may not be the most pleasant topics to think about, but they are necessary to sort out. When contemplating these documents, life insurance also needs to be factored in, too.
Estate planning is when you determine what will happen to your assets and property when you die and planning for the tax implications of passing on your wealth. This is important for everyone, not just the rich and wealthy. Each family’s situation and goals are unique, and smart estate-planning strategies can help to ensure that those goals are met in the most tax-efficient and sensible way.
Consider these reasons why estate planning matters for you, even if you don’t think you have much to pass on.
- You don’t want to leave a mess for your family
Effective estate planning isn’t easy and can be expensive. However, bad or no estate planning is harder and more expensive for your loved ones to handle once you are gone. Without a plan, your heirs will have to decide who gets what. Your estate could even go to probate, where the court will make those decisions and take fees in the process.
- You have assets
Assets can vary from investment accounts, a property, a business, or more. You will have to decide how you want your assets to be managed, and by whom, when you are gone. Once you decide, you will also need to factor in tax implications. An estate planner can help you arrange your assets to ease the tax burden your heirs will face.
- There’s a need right now
You have your entire life to get your estate plan right… Right? None of us know when our time is going to run out. It’s important that you sort out your estates now as once you die, you don’t get a vote about what happens to your assets.
With a good financial planner and reliable life insurance, you can leave your family truly protected. For more information about getting the life insurance coverage you need, contact the experts at Donald Weiss Insurance Services. Our dedicated team is ready to get you covered today.