You don’t have to have a rambling estate home with numerous other large assets to need estate planning. Too often, individuals and families do not consider estate planning unless they are well-established financially, or a loved one becomes seriously ill.
Estate planning is deciding what will happen to property and assets of any size or value in the event of the owners’ death or disablement. The owner must decide who will be the beneficiary, or they may have more than one. If there are multiple beneficiaries, the owner must decide how the property and assets will be divided.
Too many people don’t plan. They put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, they’re confused and don’t know who can help them, or they just don’t want to think about it. When something unexpected happens, your family has to pick up the pieces.
The estate planning experts at Beacon Hill Financial can help you with preserving your assets and planning for future needs. Contact us today to arrange your free consultation. We have been helping families efficiently pass assets on to their families for nearly 20 years.
What is Covered in Estate Planning?
- Avoiding probate
- Distributing property and assets
- Reducing taxes
Avoiding probate is important because this can be timely and cause much hassle and confusion. If the estate plan is laid out with certain specifications, this can be avoided. Distributing the property and assets go hand-in-hand with avoiding probate.
Another important consideration is determining who will care for an elderly family member if they are incapacitated. You should seek to provide enough money to cover quality care and financial security for them and your loved ones.
NOTE: It is important to plan your estate as early as possible and re-check it at least every 3 to 5 years in the event changes become necessary. Beacon Hill Financial can help set up a plan and decide what is best for everyone involved.
What Happens if I Don’t Have an Estate Plan?
If you don’t have a settled and legally filed estate plan, the state has one for you.
Disablement: If you become mentally or physically incapacitated and cannot conduct your own business, and your name is on the title of your assets, the courts can assign someone to handle your affairs through a conservatorship or guardianship.
Death: If you die without an intentional estate plan, your assets will be distributed according to the probate laws of the state. It is entirely possible that your spouse could receive only a fraction of your estate, which may not be enough to sustain him or her. As for any minor children, the court will control their inheritance. If both parents die, the court will appoint a guardian.
Begin Your Estate Planning Now
Call the estate planning experts at Beacon Hill Financial at 866-289-0759 or fill out the online contact form to request your FREE estate planning consultation. We can help you plan for the future no matter the size of your estate or your current stage of life. Contact us today.