Estate Planning – Do it NOW!

Planning your estate now is one of the best things you can do for those dear to you. We often do not like to think of the future or focus on death and passing. But, it is very important to get your finances and wishes in order.

Why Not Now? – Plan Your Estate Now

Now, now, NOW! There is not a good reason to put this off. Once you have your estate in order, you will still need to review it and update it based on your needs. If you have a young family, you will likely update every 2-3 years. You would also want to update it if you have a significant change in your net worth.

This will also be updated as your familial status changes. Through marriage, divorce, addition of children or a change in beneficiaries or even caregivers. If you have children, you will need to appoint someone to care for them in the event of your death. This caregiver may change as your child(ren) get(s) older. This may be because of them, their job and their ability to take care of your children. This may also change, because you have moved, your children are of different ages or you find a better suited caregiver.  The bottom line is that an estate plan is typically not “one and done” – so do not put it off thinking you aren’t ready yet. Take care of it now.

There are a few professionals you will need to start and complete your estate planning. This will include a lawyer to finalize the actual documents. However we recommend speaking to your accountant (that’s us!) We are qualified to give you sound financial advice on many levels. We can help you understand how to minimize your tax burden, because unfortunately tax doesn’t end when you pass. We also have years of experience in helping others understand what funds to allocate for their children and at what age.

Please contact us with any questions you may have. We can give you recommendations for professionals to help you with every area of your financial life. This includes your will, trust or total estate planning needs.