Many people will spend more time planning their summer vacation this year or where to have dinner this weekend than they will deciding who will inherit their money, home and items they own. We get it, estate planning is something you aren’t looking forward to doing. In fact, you would like to skip the whole thing altogether. But if you don’t do it, you can’t choose who will get all of the things you have worked so hard to get.
You might also think that estate planning is something only people of wealth need to worry about. But this just isn’t true. If you own just about anything, you need to have an estate plan in place. With an estate plan, there could be a long-lasting negative impact on the people you love.
If you are still on the fence about whether or not you are willing to spend time with an estate plan, you need to understand the reasons why it is so important. Daisy Raouph, your financial advisor in Pickering, offers you the reasons estate planning is important for you.
Protecting Young Children
Nobody thinks they are going to die at a young age. But if you are the parent of a small child or small children, it is something you have to consider. You need to prepare for the most unlikely of events.
In order for your children to get the things you want them to have, you need to have an estate plan. And if you want any say in who raises your children should you and your spouse die, then you need to have that all planned out.
Your estate plan will include what each child gets should you die and who will raise them. This should be your decision and not up to the courts.
Restrict Access to Inheritance
You may wish to leave valuable items or money to your children, but some may have a poor sense of judgment right now. If this is the case, you can choose to specify another family member as a trustee to ensure that any assets you leave a child will be used in their best interests. You wouldn’t want any of your beneficiaries to waste their money on frivolous expenditures.
Avoid a Family Feud
You have probably heard about families who wind up dueling it out over the things and money after their loved one has died. This is a very real scenario that can happen if you don’t properly plan for your death.
As part of your estate plan, you can even choose who you wish to be in charge of who gets what after you die. This helps ensure that there is little chance of an argument even over silly trivial items that aren’t specifically mentioned in your will.
Protects if Spouse Remarries
Proper estate planning will ensure that your assets go to your children and grandchildren rather than your spouse’s new husband or wife and new family members.
Call Daisy Raouph today for more details concerning estate planning.