Most of us spend a significant part of our time working, saving, and trying to accumulate assets. Those efforts are usually intended to provide for ourselves and our loved ones and eventually to ensure a reasonably comfortable retirement. But what happens if we should die along the way?
Despite its usefulness, many people assume estate planning is really only for those who are absurdly well-off. Creating an estate plan is actually beneficial in a wide variety of situations and its effectiveness does not depend on sizeable wealth. While a plan is most useful for those with a sizeable amount of assets to deal with, here are 3 reasons why even the average person might want to consider giving estate planning a go.
Developing an estate plan can be as straightforward or as comprehensive as you choose to make it. While it will ultimately be your wishes and legacy that are carried out, the time you take to extensively plan today will be a testament to how much you cared for your loved ones.
If estate planning is something you plan to do now or in the near future, there are many facets to the process that you should be aware of. Some individuals give little thought to their end-of-life plans beyond simply planning to write a will when they get around to it. Estate planning allows you to be much more specific in your wishes with regards to assets and decisions about your legacy.
Estate planning is extremely important for everyone, regardless of the available assets and yet nearly 60% of Americans fail to begin the process by writing a will. Part of it is a fear or avoidance of thinking about the end, and part of it is the belief that there is no point if you are not particularly wealthy with many assets.
Upon reaching retirement, you may wonder if maintaining a life insurance policy is a wasted expense. This is particularly common if your hard work and planning have enabled you to live comfortably in retirement, or all of your debts are paid off.
Estate planning is never a fun process, and it only becomes worse when you're unprepared or struggle to wade through all the legal talk of your chosen attorney. Far too many people overlook one of the main assets they have for tackling the subject and process of how the things that are important to you are handled. Believe it or not, your financial advisor is a valuable part of the team when it comes to planning out how your estate is handled.
Estate planning is typically one of the most important subjects anyone will ever engage with. Conversely, it is one of the easiest ones to put off until there are serious consequences!
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