If you’re reading this, there’s a good chance you don’t have any estate planning in place. But it’s never too late to start. If you do nothing, the odds are that family friction and court costs will be avoided. But if you want to make your own decisions, have control over who inherits your assets, and who will care for your dependents after your death, then having a plan is key. So first, we’ll explore what legacy and estate planning are all about.
Table of Contents
What is Legacy Planning?
The word “Legacy” can be defined as something that someone leaves behind at their death or activity pursued in their lifetime. It results in a significant benefit for others after their death, such as a charitable donation or plans to create an organization whose meaning will live on beyond them.
Legacy planning is like long-term financial planning, which is best done with the help of experts like Magiros Blattner, LLC. It’s used to help determine your wishes if you are no longer able to make decisions for yourself or unable to express those wishes.
Legacy Planning for Business
If you are a business owner, remember that your business needs are just as important as your family’s needs. And since much of your time and energy will be focused on your business, you must have an estate plan to ensure the continuity of family issues such as who will inherit what and where any funds held in trust should go after you die. If possible take help from experts to determine a perfect legacy and real estate planning for your company.
Why Is Legacy & Estate Planning Important?
When you die, your estate will be affected by future government legislation. For example, there may be tax changes, and you won’t have the opportunity to make any changes. And if you die without an estate plan, it’ll be more difficult to know your wishes, which could cause family arguments and legal problems. A good plan allows you to choose the best option for your family and business and guides everyone involved when tough decisions are needed.
Some Crucial Tips To Consider
The following are some of the crucial things to consider:
- First, establish an estate plan to ensure that your assets and property are passed on to those you designate and that your family is cared for.
- You should have a will, a legal document that states how you want your assets divided upon death. You also might want to include provisions for taking care of any dependents that aren’t named in your will and any money bequeathed to your charities or friends.
- A living trust is another type of estate plan. It’s like a will that you create while still alive, allowing you to make changes later on as necessary.
It’s also helpful if your business has an estate plan that includes who owns the business and how it will be taken care of if something happens to you or one of your business partners. If you want to ensure that your assets are distributed to suit your needs, estate planning is one of the best actions you can take. If you don’t do it, someone will have to do it for you.