An estate consists of everything a person owns, including a home, vehicle(s), additional real estate, bank accounts, stocks, and life insurance. It also accounts for valuable personal possessions like furniture, jewelry, and artwork. Almost every individual has an estate. However, no matter how large or how small your estate is, you can’t take it with you when you die.
Preparing directives for your post-humous wishes grants you the ability to lead and guide your family in the present. Tools such as wills and trusts act as your voice from beyond, directing the distribution of your assets and possessions according to your wishes. You have the ability to provide instructions indicating who will receive from your estate, what you want them to receive, and when or how they should inherit it. Additionally, you can provide direction on what means of mediation should be used in the event of a family dispute.
All of these available directives add up to estate planning. However, estate planning includes much more than just passing along your assets. It should also include other directives, such as:
- Instructions for your health care should you become incapacitated during your lifetime
- Instructions for your financial care if you become disabled before you die
- Naming a guardian for your minor children
- Restricting your heirs’ access to and control over their inheritance, if necessary
- Making special provisions for any heir that receives government benefits
- Providing instructions for the transfer of a family-owned business
- Minimizing taxes
- Minimizing court costs and advisor fees
Estate planning is not just for the elderly. No one can predict when they will “need” an estate plan, therefore it is a wise, proactive decision to have a plan in place in case a seriously unfortunate event rears its head around.
Another common myth is that estate planning is only for the wealthy, but estate planning is more than just “wealth planning.” Estate planning does not have to be expensive or complex; everyone should start with a plan they can afford and a plan that makes sense for them. For a young family or single adult, that may mean a simple will, term life insurance, or naming powers of attorney for health care and financial decisions. As a person or family’s needs change and their financial situation improves, plans can be updated as needed.
Vesta specializes in designing and implementing personalized estate plans that provide comfort and relief from financial stress during times of grievance. Regardless of your age or economic situation, estate planning is essential in ensuring that your assets will be preserved and distributed in line with your intentions. At Vesta, we understand that proper planning will provide financial security for you and your heirs, so we ensure that your assets are transferred to your beneficiaries in an efficient manner.
The discomfort of end of life discussions can make estate planning difficult for some, but that does not stop tragedy from occurring. Do not hesitate to put a plan in place; you will always have the ability to modify it as necessary later on. Give yourself and your family peace of mind by discussing and implementing an estate plan with a dedicated Vesta advisor. If you already have a plan in place, it may be time to review the plan to ensure it still matches your needs and desires. Contact Vesta to secure your family’s future today!