One of the most profound effects of comprehensive financial planning is the feeling of control. Estate planning in its most basic sense allows you to remain in control even after you are no longer able to make decisions. Estate planning involves planning for how assets will be preserved, managed, and distributed after death. It also considers the management of properties and financial obligations if one became incapacitated. Although it is natural to assume “that would never happen to me”, these challenges happen every day regardless of age, health, and financial standing.
Common concerns include making sure an appropriate guardian for dependents is chosen in accordance to your wishes. Beneficiaries for insurance and retirement plans are kept up to date. Formalizing and updating important documents such as wills, trusts, durable power of attorney, and health care proxy. Making sure the executor of your estate is something you can trust and can effectively carry out your wishes. Limiting estate taxes through trust planning, gifting to love ones, and qualified charitable organizations.
