What this entails, why you need it and who should have one.
Why do you need an estate plan?
Your estate plan forms the blueprint for the legacy you want to pass onto your heirs. Developing an estate plan is one of the most important financial decisions you will make in your life. Failure to make an estate plan means that other persons will get to make these decisions for you! Your beneficiaries could end up with far less than you would have wanted and you may even end up with unwanted beneficiaries.
Additional Benefits of an Estate Plan:
- Your assets go where you want them to
- Minimize the emotional and financial burden on your family
- Avoid disputes over your estate
- Avoid the cost and delay of probate
- Make provisions for minor children
An estate plan IS for everyone...
You may be wondering, if estate planning is so important, why doesn’t everyone have an estate plan? The answer is part human nature and part misconception.
Human nature prevents us from talking, even thinking about our own mortality. We don’t like to say to ourselves: ‘Someday I will die or become incapacitated.’ For the sake of our loved ones however, we have to deal with death because it can happen anytime.
People also wrongly believe that estate planning is only for the super-rich. The word ‘estate’ somehow implies great wealth. But the fact is, an estate can be a house and several thousand dollars or a mansion and several million dollars.
Regardless of your age or the size of your estate, a proper estate plan will ensure your assets are distributed as you desire with minimum complications or delays.
If you’d like to discuss your estate planning with an expert, contact a RF planning professional today.
How to make an estate plan?
Corporate Executorship Services
Prepare a Will
This legal document allows you to make decisions on who will administer your estate and distribute your assets at the date of death. In the absence of a Will, the State decides how your property will be distributed. RF recognizes that estate planning is complex and requires expertise for many disciplines; as such, we have the resources to make this stage as quick and cost effective as possible.
Naming your Executor
Each person who owns assets has an estate, regardless of the quantity. At your death, your assets must be properly distributed in accordance with your estate plan. Your executor can either be an individual or a Corporate Entity.