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estate planning Archives

Your legacy and estate plan work together

Your legacy is something that you want to be positive when you pass away. You've worked hard all your adult life so that you could leave something for your loved ones. For business owners, the need to provide for their loved ones is a priority. One of the ways that you can do this is to get your estate plan in order.

Dying intestate takes the control over your estate away from you

Adults usually don't think about an estate plan until they are older, but if you watch the news, you can see that younger adults die on a daily basis. This isn't a pleasant thought, but it should serve as a call to action for the young adults who don't have a will in place.

Your estate plan is more than a list of assets and recipients

Coming to the terms of your estate plan is something that you have to think carefully about. Some people are fortunate enough to have simple estate plans that don't take much work. For other people, the process is a bit more involved. Just because you might have a bit more work to do to get the plan together doesn't mean that you should put the process off.

Don't make common estate planning mistakes

Creating your estate plan is something that is essential for your peace of mind. When you decide to take the time to get things together, you don't want anything to invalidate the plan. There are some mistakes that are fairly common in estate planning. Here are some tips to help you avoid common mistakes:

All adults should have a valid estate plan in force

Have you ever thought about how many people don't take the time to plan their estate? A study showed that around 46 percent of American adults haven't made an estate plan. This is troublesome because each one of those individuals will die at some point. When they do, there is a chance that all the fruits of their hard work will be disposed of in a way that they wouldn't want.

Estate planning from before death to after

The exact estate plan that you need to work on depends on the factors of your life. Just last week, we discussed why you need to think about making a succession plan if you have a business. This is one of the less common things that come into the picture when you are planning an estate.

Know how to change your will when necessary

When you review your will periodically, you want to make sure it accurately conveys your wishes. If the will doesn't make your wishes known, you will need to update it. Updating your will isn't as easy as just jotting down the changes you want to make. In most cases, you will have to rewrite the will. Thankfully, doing so isn't too difficult.

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