A well thought out estate plan can provide many benefits. Here are just a few:
- Provide support and financial stability to your spouse, children and grandchildren.
- Preserve your wealth for later generations.
- Make sure your wishes are carried out when you can no longer manage your affairs.
- Support a favorite charity.
- Distribute assets in a timely fashion.
- Minimize taxes and expenses that go with transferring assets.
- Provide enough cash to cover expenses and prevent the unnecessary sale of assets.
- Avoid problems with your loved ones by ensuring beneficiaries on your life insurance and other assets are still who you want.
- Protect your family’s privacy.
- Set and meet expectations of your survivors so there is no confusion or misunderstanding.
It is crucial to get your estate plan in place before something happens. After an accident or an untimely death, there’s no going back.
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