Whether you are starting a new career or getting ready to retire, it is never too soon for you to make an estate plan. There is no right time either. However, to preserve your legacy of hard work and keep your wealth in the family, now might seem like as good of a time as any to create an estate plan.
Life rarely happens the way you expect. Nothing is more beneficial than having a plan you and your loved ones can rely on should you die before you are ready. An estate plan can also help provide some measure of stability for you if you live longer than you expect or fall seriously ill. Here are a couple of things to consider as you make estate plans.
Think about what you want to achieve with your estate plans before you start drafting them. If you plan to use them to provide for relatives or yourself, make sure you include the appropriate power of attorney documents, create and fund trusts and include beneficiary names.
Anticipate tax consequences
Depending on your estate’s value, there may be tax considerations that could impact the legacy you leave to your heirs. Make sure you assess your estate’s value before you finalize your plans and review its value and all assets frequently. If possible, use the resources that estate planning provides to mitigate any potential tax consequences.
Estate plans make it easier for families to deal with the passing of their loved ones and preserve the financial fruits of their lives. They provide a blueprint of your wishes for them to follow to mitigate some of the stress and grief they may experience after you die.