Don’t Wait Until “One Day” for Estate Planning

No one likes to think about death. But when it comes to providing for your loved ones, you want to make sure your finances are taken care of in case anything happens to you. 

COVID taught us the need to prepare for the unexpected - no matter how much we don’t want to think about it. If you keep telling yourself you’ll plan your estate “one day,” you may find yourself putting it off until it’s too late. 

Think of a trust as a way to pass on your values. You may feel secure about your family’s future while you’re still here to care for them, but if you weren’t, how would your loved ones know exactly what you wanted for them? 

The only sure way to do this is to put your wishes in writing.

If you have kids, some things to clearly outline in case anything happens to you are:

-Who would you want raising your kids?

-How and when would you like them to receive your assets? 

-Do you want to start investing money for them?

These are all important decisions to consider while you are still in your best health and state of mind. With a children’s trust, you can ensure your kids get the healthcare, education, and support you would have wanted them to have. 

You can also make sure your loved ones are protected from creditors, court fees, attorney fees, and unnecessary taxes. 

You spent your whole life working hard to invest and save up money: a trust is here to make sure those assets are passed on to the people you love, not Uncle Sam.

And we cannot stress this enough: you have to put your wishes in writing if you want them to be carried out. If you don’t, you’re trusting other people to make those important decisions on your behalf. 

Without a trust, things are more complicated, costly, and time-consuming for those you leave behind. You can prevent a lot of chaos by putting your wishes in writing to make sure your money and other assets can be easily accessed by those you love. 

Thank you for reading this week’s blog post! We hope this information was helpful and gave you some insight into a topic not often talked about.

As always, if you’re interested in working with us in the upcoming tax year or know someone who is, just use the link down below to schedule your free discovery call with us today.

See you next week!

Warmly,

The Prominence Team

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