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What will happen to all your hard work after you pass away? Estate Planning is the process of making a plan ahead of time to decide who will benefit from all you accumulated during your life, and is one of the most important steps you can take to make sure your final wishes are honored.
Smart estate planning includes passing on your valuables and your values—how you wish to take care of minor children, family members with special needs, life insurance to care for your family, incapacity and medical wishes for yourself, business transfers, and cost reduction strategies for your survivors. While making an initial plan is the first step, estate planning is an ongoing process that should be reviewed and updated as needed to keep pace with life changes and new laws.
Estate Planning is for everyone, not just the wealthy or retired. Many people don’t plan ahead because they have a false sense of security, but the best time to plan your estate is right now. The process can be as simple as organizing your records, titles, and insurance policies, and designating your beneficiaries. The greatest benefit of planning ahead is knowing that your family will be protected and your wishes will be fulfilled when you are no longer here.
Learn more about Estate Planning and Designating Beneficiaries. A financial planner can help you create your own comprehensive estate plan that will meet your goals and fulfill the needs of your loved ones. Next, we’ll focus on retirement income strategies.