Everyone has an estate, no matter how modest or grand. Your estate includes everything you own, such as your home, cars, jewelry, investments, retirement portfolio, and the RV in the storage unit. An estate preservation strategy dictates what happens to your assets when you die, but it also makes provisions for other things.
A thorough estate conservation strategy decides who manages your affairs if you become incapacitated, and who will care for your children and distribute your assets when you pass away. This can also include information about your current accounts, memberships, subscriptions, and anything else that’s useful to your heirs.
Estate preservation is important because you don’t want to leave a mess to clean up for the rest of your family. If the kids are going to fight over who gets the old-fashioned wardrobe or family jewels, decide for them. Having an strategy in place means your loved ones can grieve your loss instead of fighting with each other or having to untangle complicated financial affairs.
You don’t even have to tell your family what’s in the will, especially if you think it’s going to upset them. But the will is yours to make, and your estate is yours to deal with however you choose to. If you don’t make these decisions, other people will have to do it in your stead, and they probably won’t adhere to your wishes.
There is a lot to think about when managing your estate. Here is a checklist to get you started:
Who inherits your assets? Who will care for your minor or special needs children?Who will manage your finances if you become incapacitated?Who will distribute the assets of your estate?How much life insurance do you need to take care of your family?It’s a good idea to get organized and keep your important paperwork together. If your family has to search your house from top to bottom to find all the different legal records, including birth certificates, deeds, titles, insurance paperwork, and your will, something might get missed. Ideally, keep the important paperwork together, including the estate conservation strategy. Whoever manages your finances and your attorney can also have a copy on record.
If you’re new to estate conservation, you probably have a lot of questions. A few of the most common questions are answered here. For detailed information regarding your situation, please contact me directly for guidance on developing a strategy that’s tailored to fit your needs and circumstances.
Who Should Have an Estate Preservation Strategy?Everyone should have a strategy. Most people don’t think about it until they get older or retire. However, an estate conservation strategy is extremely useful, especially for families with a modest income. If you have dependents or financial assets, it is invaluable.
What Are the Benefits of Having an Estate Preservation Strategy?The greatest benefit to creating an estate plan is peace of mind. You’ll know that, should you die, your wishes will be honored and your family taken care of. It allows your family time to grieve, which is time they would otherwise have to spend on untangling your financial situation.
Where Do I Get Started ?The first step is probably to take a snapshot of your current financial situation. Next, you’ll have to think about who is going to inherit your assets and what percentage of them. I’m happy to help you get started. We’ll talk in depth about your financial assets, your dependents, and your wishes for the future.
Don’t Wait with Estate PreservationEven though it’s not an exciting undertaking, I highly recommend making estate preservation a priority now, rather than putting it off for some undetermined time in the future. If you’re worried about your circumstances changing (which they will inevitably do), you can always update your strategy over the years. For example, when the kids are younger, you’ll want to ensure they’re taken care of. Once they’re grown, your estate preservation strategy doesn’t have to include provisions for their care. Your list of assets may change. Maybe there’s a car collection instead of a yacht, and this makes it easier to distribute them amongst your family members.
I’m here to help you sort through the process. Call me today to make an appointment.