Twelve Points recently celebrated National Estate Planning Week (October 19-25) by sharing five tips on social media.
Many people assume that estate planning only applies to the very wealthy, but that is actually not the case.
It’s an important part of establishing financial wellness and enables you to leave a legacy while helping your family determine what to do in the event of your death.
In case you missed it, here are our five tips for estate planning:
- Make it a priority to discuss this with your loved ones. Some of the hardest discussions you may have with your family are about money and what should happen in the event of your death — those are the most important discussions to have.
- Make sure you have a will and that it’s up-to-date. More than 55% of Americans die each year without a will, which creates tremendous financial and emotional hardship for those they leave behind.
- Actions you take now can greatly benefit your loved ones in the future. Incorporating estate planning into your financial plan now may limit the amount your beneficiaries will owe in taxes later.
- Your loved ones may benefit from having a trust. Putting your assets into a trust can protect your loved one’s inheritance from many things, including poor spending habits and creditors.
- Insurance can protect you and your loved ones in more ways than one. Having the right types of insurance, whether it’s to pay for estate taxes or long-term care for a loved one, can save you time and money in the long run.
To answer your questions and discuss how to incorporate estate planning into your financial plan, please contact us.