Estate planning allows you to make plans in advance that specify the distribution of your property—both physical and financial—after your death. Taking the time while you are young and in good health to plan for your estate’s distribution later in life will ensure your wishes are carried out if the unexpected does occur to provide for your family’s needs in the future.
Talk to Your Family
Your personal wishes for the distribution of your wealth and property are an important factor in estate planning. However, it is also beneficial to talk to your family and determine if they have any special wishes or preferences as well. Having this discussion as early as possible can help you set up a plan that meets your wishes and those of the family members to whom you would like to leave your estate.
Start With the Basics
Estate planning may seem complicated, but there are a few basic components that every good plan should include. Talk to your financial planner about establishing a will, a living will, power of attorney, and a life insurance policy. Putting these essential parts into place is the first step in developing an estate plan; once these tasks have been completed, you’ll feel more confident and knowledgeable, and ready to tackle any additional assets your plan should cover.
Evaluate Your Plan Periodically
Because you are creating your estate plan early in life, it’s important to recognize that it may need changes as you age. Once your initial estate plan is complete, you should meet with your financial planner every five to seven years to reevaluate and update your plan as needed.
At Financial Directions, LLC, we specialize in retirement and estate planning in Tucson. Our experienced staff will work with you to ensure your wishes and your family’s needs are met with a customized plan that will give you the peace of mind you need. Please visit our website for more information about our estate and retirement planning services, or call (520) 408-7777 to speak with a financial advisor in person.