Would You Rather: Plan Your Estate or Plan Your Vacation?

Is Estate Planning so Important?

The average person spends more time planning a vacation than they do planning their estates and living will. Why is that?

Probably because it’s substantially more fun to search for activities in Maui and the beach than to think of death and taxes.

However, estate planning is much more important, requires more time and effort, and its impact will last the lifetime of your survivors.

One purpose of estate planning is to prepare the transfer your assets to others upon your death and allows you to specify where each of your assets will go.

This involves deciding who the beneficiaries will be and what each will get. You can determine how to perform those transfers with the minimum tax consequences to each beneficiary with the guidance of an estate planning attorney.Estate planning used to be important only to the wealthy. But, even middle-income earners who do a good job investing throughout their lifetimes can benefit.Regardless of how much money you have, it’s important to understand the basics of estate planning so that your financial goals are met after you’re gone.

As you begin the estate planning process, be sure to meet with an estate attorney to help get your legal needs met.