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The #1 Reason You Need An Estate Plan

The #1 Reason You Need An Estate Plan

Several reasons to create a good estate plan as well as the number one reason plan your estate: personal peace of mind.

Death. It happens to us all. 

Chances are death is not the first thing you think about every morning, but that doesn’t mean you should never think about it.

A good plan will help make the transition as easy as possible for your family and everyone who depends on you when you’re gone. The resulting peace of mind can help you enjoy the rest of your life, no matter how long you live.

Several Reasons To Create An Estate Plan

There are many reasons to create an estate plan. Minimizing taxes is just one of these reasons.   In fact, a good estate plan could net your family a potential $0 tax liability. That’s one goal, but a well-designed plan will include much more.

Another reason estate planning is helpful is that your wishes have the best chance of being followed if they’re in writing. Recording your intentions will help ensure they’re followed. A comprehensive plan includes instructions for your affairs in the event you are incapacitated or disabled – not just when you die. You can make sure your wishes for medical care, family matters, business continuity, and asset disposition are clear even if you are comatose. So estate planning is not just planning for death.

Moreover, estate planning addresses assets for your children, grandchildren, and your favorite charities. Blended families add another layer of complexity if that’s your situation.  There are numerous ways to do this and the right plan isn’t always obvious. But a good estate plan will make your wishes clear – and help your family avoid unnecessary strife when you pass.

But Isn’t A Will Enough?

The classic “Last Will & Testament” is also a part of an estate plan, but it’s not comprehensive. Retirement accounts require you to designate a beneficiary ahead of time and that designation may override your legal will. The same goes with insurance policies. Your estate plan should encompass all your assets and make sure they are distributed according to your wishes. That’s why having a will isn’t the only component in a good estate plan.

The #1 Reason To Plan Your Estate

There are many reasons for estate planning, but the number one reason to do it is for your own personal peace of mind. 

You’ve worked hard for your family, usually for many decades. You’ve provided for your family, sometimes have grown a business, saved assets, bought properties, and invested in worthwhile causes. Your estate plan is one of your final statements to the world about who you are and what you care about. By creating a good estate plan, you are not only giving your spouse and your family what you’ve worked hard for, you’re also giving yourself the peace of mind that you’ve finished the race well. 

Next Steps In Estate Planning

Estate planning is an important part of a broader financial plan. 

We can help direct you to the right resources and experts based on your own unique goals and circumstances. We are not attorneys at Republic Wealth Advisors, but we’ve been through this process with many clients. We’ve seen how smooth the process can be for well-prepared families, and how difficult it can be for those who didn’t plan.

We recommend consulting with a board certified estate planning attorney in your area. If you need a referral, please reach out and we’re happy to make an introduction!

 


 

IMPORTANT DISCLOSURE INFORMATION: Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Republic Wealth Advisors), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Republic Wealth Advisors.  To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing.  Republic Wealth Advisors is neither a law firm nor a certified public accounting firm and no portion of this blog content should be construed as legal or accounting advice.  If you are a Republic Wealth Advisors client, please remember to contact Republic Wealth Advisors, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. A copy of the Republic Wealth Advisors’ current written disclosure statement discussing our advisory services and fees is available upon request.

 

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