Estate Planning is one of the most avoided conversations especially for people who believe that they should celebrate life more than think about what is going to happen when it’s finally over. However, the truth is, setting your financial goals after you die by ensuring that your assets are protected and your family is taken care of, is a critical step that you should focus on as early as now. Why?
You know too well that you have worked so hard to establish your wealth and provide for the people you love. But what will happen to the fruits of your hard work after you die? Without proper planning, something as unexpected as death can all just tear down everything that you have built.
If you want to protect your wealth and your assets, consider these key components of Estate Planning.
1. A Will can make sure that the individual’s wishes, as well as the distribution among heirs, will be easily carried out after death.
2. In some cases, individuals deploy Trust as a way of securing their assets (living or after death), providing legal protection of their wealth and managing them later on according to their wishes. It is made up of three participating parties: the trustor, the trustee, and the beneficiary.
3. A Power of Attorney is a major component that strengthens a strategic Estate Planning. The Healthcare Power of Attorney, for instance, lets you assign a particular person as your decision-maker when it comes to healthcare concerns. This component also lets you outline your wishes at the moment of incapacitation, illness or death.