Estate planning is an area that is easy to overlook, but it is also one of the most important parts of thorough financial planning. Not only does estate planning ensure that you leave your family with financial support when you pass away, but it can also provide instructions for your care should you become critically ill or suffer an unexpected death. Estate planning allows you to be sure that your wishes are met and that your family and loved ones can keep the peace in times of grief. Below you’ll get a look at the steps needed to create an estate plan that will stand the test of time.
Don’t assume that you do not need estate planning
Many people who are young or do not have significant assets to consider will make the assumption that they do not need estate planning. However, estate planning puts a plan in place when the unexpected occurs, so it is a smart choice for anyone, even young, single adults without much financial planning to consider.
Check in with your financial planner regularly
Not only will you want to meet with a financial planner early to discuss estate planning, but you should check in relatively often. Unfortunately, the laws related to estate planning are complex and frequently changing, so you will want to make sure that your estate plans are still practical as your financial and personal circumstances change. Furthermore, it is a good idea to alert your financial planner of any major life changes (e.g. marriage, divorce, or having children), since these changes will likely affect your wishes for your assets.
Involve family members in decision making
While the conversation about estate planning may be somewhat uncomfortable, it will be much better than family members bickering over medical decisions or financial matters later on. In addition to working with a financial planner, you will want to speak directly with family members to share your wishes and further ensure that there are no ambiguities in your wishes.
With the help of Financial Directions, LLC in Tucson, you can minimize the stress of estate planning and explore solutions that work for you. To schedule a consultation for your estate planning, give us a call at (520) 408-7777.