Mon to Fri - 10am to 5pm



Estate Planning: Why You Should Consider It

September 25, 2022

Estate Planning Why You Should Consider ItInslyf

Estate planning is key in retirement. Estate planning involves making plans for what will happen to your possessions, bank accounts, mortgage, and other property. It is also a way of predicting how much money you need when retiring from work.

What is Estate Planning?

When you hear the term “estate planning,” you might think it’s only for wealthy people. But estate planning is important for everyone, regardless of your financial situation.

Estate planning is the process of making sure your property and possessions are taken care of according to your wishes after you die. This includes things like:

  • Making a will
  • Naming beneficiaries for your bank accounts and investment accounts
  • Designating someone to make decisions about your medical care if you can’t 
  • Creating a power of attorney so someone can manage your finances if you become incapacitated 

An estate plan can also help reduce stress for your loved ones after you die by making sure they know what you wanted and how to take care of things. It can also save them money by avoiding probate, which is the legal process of distributing your assets after you die.

If you don’t have an estate plan, your assets will be distributed according to state law, which may not be how you want them to be divided. And if you have young children, it’s especially important to have an estate plan so that you can designate a guardian for them in the event of your death.

Estate planning is not just for rich people; it's something everyone should consider doing.

Why You Should Consider It

If you have any assets whatsoever, you should have some kind of estate plan in place. This is true whether you're single or married, young or old. Estate planning is not just for the wealthy; it's for everyone.

There are many reasons why you should consider estate planning, but here are three of the most important ones:

1. To protect your assets and your family

Your estate plan can help to protect your assets from being depleted by creditors or lawsuits, and can also ensure that your loved ones are taken care of in the event of your death. If you die without a will or other estate planning documents in place, your assets will be distributed according to state law – which may not be how you would want them to be divided up.

2. To avoid probate

Probate is the legal process through which your assets are distributed after you die. It can be a lengthy and costly process, and if you don't have a valid will in place, your loved ones may end up fighting over your assets in court. By having an estate plan in place, you can avoid probate altogether.

3. To save money in the long run

Estate planning can actually save you and your family money in the long run. By taking steps like setting up a trust or naming beneficiaries on your accounts, you can minimize the amount of taxes that will be owed on your estate after you die. This can free up more

Red Flags to Look Out For

When it comes to estate planning, there are a few red flags to look out for. For example, if you have significant debt, it's important to consider how that will impact your heirs. If you're not sure what debts are dischargeable in bankruptcy, your estate planning attorney can help advise you.

Another potential red flag is if you have children from a previous marriage. You'll want to make sure that your current spouse is provided for, but also that your children are taken care of as well. A qualified estate planning attorney can help ensure that all of your wishes are properly implemented.

If you own a business, this is another area where proper estate planning can be crucial. You'll want to make sure that your business succession plan is in place so that the business can continue after your death. Again, an experienced estate planning attorney can assist you in putting the appropriate plan in place.

Finally, don't forget about taxes! While many people try to avoid thinking about them, taxes can have a significant impact on your estate. Be sure to work with an attorney who is well-versed in tax law to ensure that your assets are properly protected.

How Inslyf can help

No one likes to think about their own mortality, but estate planning is a crucial part of ensuring that your loved ones are taken care of in the event of your death. Inslyf can help you create a comprehensive estate plan that will take into account all of your assets and liabilities, and make sure that they are distributed according to your wishes.

Estate planning can be complex, but Inslyf can help you navigate the process and ensure that your loved ones are protected. Contact us today to get started.