Dig into Estate Planning
Before the busy holiday season begins, it may be time to dig into estate planning if you have not already. Estate planning can be an ominous beast, but it doesn’t have to be. In fact, taking ownership of your estate plan can give you some predictability for your own future. Here are a few steps to help you get started.
- Build your team. Start with your financial advisor. We are happy to connect you with estate planners that can suit your needs. You may need to consult a tax expert, too – just let us know if you need a referral.
- Understand your options. Ask your estate planner if a will or a trust is right for you. Key differences include controls and of course, cost. However, paying a bit more now may save your loved ones from unnecessary complexity in the future.
- Consider legal roles. Who do you trust to be the executor of your estate plan? Who should act as your power of attorney? Your estate planner can walk you through the responsibilities of each role.
Estate planning may have a price, but peace of mind is priceless. Having a plan for your legacy can be liberating. Knowing that you have set up your loved ones for success is empowering – both for you and for them.
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