We’ve just started recovering from a major global financial crisis, and a lot of signs point towards the possibility of us being on the cusp of another one. Gone are the days where you could simply work hard and live a comfortable life – if you want to ensure a safe retirement and give your children a future with which they can get ahead of the curve and avoid plummeting into the many financial pitfalls and debt possibilities of today, then planning your finances is an absolute must.
A bit portion of planning your finances in the long-term rests on planning your estate.
What is an Estate Plan?
An estate plan is a formal document that details how your assets will be divided upon your death. It’s also known as a will, although it pertains specifically to what you own and what you want to be done with it in the event of your demise.
As per Investopedia, without an estate plan, the American government transfers your assets to your closest relatives, and must decide on your own what happens to your children.
If you want to prevent that, and be able to have direct control over where your money is going, what’s happening with your kids, and how to best make sure your wealth is divided with as few taxes as possible, getting in touch with an experienced estate planning attorney right here in Aurora is a great first step.
Through simple estate planning and the services of a law firm like Fitzgerald Law, and the creation of a formal legal document, you can ensure that your assets and wealth are going where they should be going to preserve your legacy, and give future generations in your family a leg up on their eventual success.