Planning for estate is very similar to creating a road map for what happens to your belongings and your loved ones when you are no longer around to take care of them. Estate Planning is basically a plan to execute your wishes. These plans are to ensure that your family and property are taken care of in the way you wanted. It eliminates guess work and removes any misunderstandings between family when you are not present.
Estate planning is simple, it starts by you listing all the items that you own, such as your home, funds, savings, belongings, art, jewelry, and things of value or essential to you. It also includes items that will help you pass on your legacy or simple items that someone would love to have when you are no longer present in their life.
Once items are listed, you then decide on who receives these items when you are not around. Many people decide what they want to give to their children and their friends. You may include something that has a value or was cherished by them to gift them.
Estate Planning also helps you choose care takers for your children, family and pets. This helps you be at piece that your family is taken care of. Estate Planning is basically making a long-term plan for when you are no longer with your family. It is like having a set of guides or instructions for your family to see your wishes are followed or to remove any misconceptions they may have in making any decisions.
It also allows you to set a person in charge that you trust when you can’t make any decisions for yourself. This person will act on your behalf according to your instructions. This avoids any confusion or disagreements among family members as to what to do not only with your things but also with your instructions – a plan is put in place.
Estate planning also reduces tax liability on your family when they inherit funds. It helps your family and loved ones get the most of what you have left behind for them.
Estate planning can also include your funeral and burial instructions. It can outline your preferences and any special requests or arrangements you may have wanted.
Estate planning is a proactive way to ensure how to control your legacy and your hard-earned investments and their distributions. Consulting with our financial advisors at Karstens Wealth in Hinsdale will help you navigate the complexities of estate planning. With our financial advisors, you will have guidance for making the decisions for unexpected circumstances.
Karstens Wealth in Hinsdale offers guidance and will share their expertise with the entire process of estate planning. Having a plan in place also helps avoid any probate delays. Probate is the legal process of processing the will. The estate planning makes this easier and reduces costs and wait time for distribution of assets. It helps when a family is waiting for inheritance and are in need for financial access.
Estate planning makes the entre process distribution of assets easier and smoother. This is usually the time that family and your loved ones are in most distress and having guidance smooths the process.
Estate planning for business also allows you to choose your successor to run the business and continuity of your legacy. It allows you to have business succession according to your plans. Another area that can cause a lot of confusion will receive complete guidance and place the successor in its place to run the business.
It is simple and easy to set this plan and Karstens Wealth can help you navigate this process with its financial advisors giving you step by step guidance. Call Karstens Wealth and reduce all the complexities of Estate Planning and eliminate the guesswork from your family.