Learn why you must look out into the future and plan for your loved ones and what will happen after you no longer inhabit planet earth…
It is important that you plan effectively for your future and planning for your heirs after you are no longer here on planet earth is at the top of the list when it comes to effective financial planning.
Although we all like to live as long as possible, the hard reality is that we will all transition at some point. Therefore you want to address how your affairs will be handled at this time as best you can–so that YOU can determine what happens after your transition.
At the time of this discussion the creator of TheWealthIncreaser.com is battling COVID-19, and the topic of Estate Planning/Wills is a topic of real concern. Regardless of where you are now at in your life stage, you want to take a serious look at your current estate and determine ways that you can transfer your assets more appropriately.
Furthermore, with this week being the one year mark since the transition of the mother of the creator of TheWealthIncreaser.com and one week since the creator of TheWealthIncreaser.com recovered (ok, partially recovered) from COVID-19, the topic of estate planning is more important than ever for not only the creator of TheWealthIncreaser.com, but also you and your family if you have not addressed what will happen with your finances and assets after you transition.
Know your financial standing at this time
A basic starting point for improving your finances is to determine where you are now at on a monthly and annual basis so that you can determine your net worth and determine the best type of asset transfer approach that is the best for you and your family.
At a minimum (regardless of your net worth) you want to create a will and if you have a high net worth a trust and more sophisticated planning may be necessary.
Determine the best products that will serve your and your family before and after your transition
There are a number of estate planning products and services that are available to help you as you go about your affairs in life.
Without getting into the practice of law, a number of concerns will be outlined below that could help you plan better and help you strategically manage your estate during your lifetime–and even after you transition.
1) beneficiary/deed designation
3) power of attorney
4) health care directive
7) other (products unique to your financial and life situation)
Review and update as necessary at the various stages of your life
Throughout your life changes will occur, whether it is the birth of a child, the transition of family members, job loss, various emergencies and adversity that was not planned for and other happenings, therefore you want to remain flexible and update your documents as necessary.
However, depending on your unique financial position and changes that occur during your lifetime, there may be much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs upon your death to help ensure that your intended wishes are carried out.
Planning for what will happen after you are no longer here on earth must be addressed with the utmost care and concern. It is important that you contact an attorney and/or at a minimum create a will so that you can have peace of mind at this time and not have your loved ones quarrel after you transition and cause undue stress and hardship for your family.
By creating a will you can name a personal representative of your choice to represent your estate after your transition and that representative would file a final tax return on your behalf and the refund if any could be payable to the estate (legatee or beneficiary would receive). Your personal representative that you designate would go to the courthouse after your transition and would get “letters of administration” giving the personal representative that you designate the legal authority to file your tax return and inquire about life insurance proceeds.
By taking the time now to address your finances in a comprehensive manner you are putting yourself and your family on a more successful track whether you have a low net worth or you are worth millions. Your family will be in a better position for success after you transition and family disputes can be minimized–in large part due to your planning at this time–so that your intended wishes will materialize at a future time.
When it comes to estate planning/wills you want to look at all of your options on the front end–not after you transition–because it is impossible to do so at that time!
All the best to longevity and strategically planning your future in a way that will lead to your absolute success…
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