3 reasons why estate planning is important to everyone – regardless of their income, wealth, or age.

3 reasons why estate planning is important to everyone – regardless of their income, wealth, or age.

Proper estate planning addresses not only what happens with your wealth after your death, but also how your wealth is managed during any period of incapacitation. Planning for this in advance as part of your basic estate plan is a wonderful way to take care of your family. It’s also an effective way to protect your wealth.

PROTECTING YOUR WEALTH

A key part of building tax-free wealth is to protect the wealth you build. Estate planning plays an important role in protecting your wealth by making sure your wealth is distributed in the way you want after your death.

Many countries have an estate tax that is levied against the value of your assets after your death. Most countries have a threshold that if an estate falls under that threshold, it is not subject to estate tax.

Many people think they do not need to do estate planning if their estate is under that threshold.

3 reasons why estate planning is important to everyone – regardless of their income, wealth, or age.

Reason #1: Protect Your Wealth

As I mentioned, estate planning is an absolute necessity for you to dictate how your wealth is distributed after your death. Without this in place, the law will make that decision for you. This is a powerful way to protect the wealth you build.

Reason #2: Protect Your Health

Proper estate planning is not just about what happens after your death, it also addresses what happens in the event you are unable to make your own decisions – this includes medical decisions.

Addressing what medical treatments you do or do not want while you are able to make and communicate these decisions is crucial. Part of proper estate planning includes discussing your decisions with your physician and your family.

Reason #3: Protect Your Family

Tom Wheel Write explains that “a big part of the basics of estate planning is addressing what happens if you become incapacitated”.

Think about this: If you became incapacitated tomorrow:

  • Would your mortgage be paid on time?
  • Would your bills be paid on time?
  • Would your business continue to operate?
  • Would your family be able to maintain the lifestyle they are accustomed to during your incapacitation?

If you don’t have a will to protect your wealth now, you can access a free will service here!

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