Protect what you have earned: No matter whatever your networth
An estate plan has several elements
They include: a will; assignment of power of attorney and for some people a trust may also make sense.
Taking inventory of your assets is a good place to start
Your assets include your investments, retirement savings, insurance policies, and real estate or business interests. Ask yourself three questions: Whom do you want to inherit your assets? Whom do you want to handle your financial affairs if you’re ever incapacitated? Whom do you want to make your medical decisions if you become unable to make them for yourself?
Everybody needs a will
A will tells the world exactly where you want your assets distributed when you die. It’s also the best place to name guardians for your children. Dying without a will — also known as dying “intestate” — can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die.
Trusts aren’t just for the wealthy
Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay and publicity of probate court, which administers wills.
Discussing your estate plans with your heirs may prevent disputes or confusion.
Inheritance can be a loaded issue. By being clear about your intentions, you help dispel potential conflicts after you’re gone.
GOFinancial plan has tied up with an experience legal consultant to look into the above matter if needed during the financial planning process.