Next Best Step: Putting Some Estate Planning Basics in Place

When you hear the word “estate”, you may think “that’s something that only applies to the wealthy, I don’t need to worry about it.” That’s not true – everyone can benefit from some level of estate planning. It can be as basic as a few documents that specify your wishes regarding your own medical treatment if something unexpected were to happen. It can get more detailed and include directions for how your assets will be distributed, who will take care of your children. It can also mean setting up complicated trusts that help distribute your wealth in a tax efficient manner in the event of your death. If you don’t have anything in place, your family is left making your medical decisions if you are incapacitated, the courts will appoint a guardian for your children and determine how your assets should be distributed if you pass away.
A death in the family isn’t something most of us want to think about, but it’s important to have a discussion with your family about the future. Putting a few simple documents in place can put your mind at ease. For more details, read our full article here.