Guest Author Todd Schwendiman
In a recent survey by American Association of Retired Persons (AARP), 75 percent of individuals responded that not being able to communicate their wishes would be worse than death. Despite this, less than half of these people have taken steps to ensure their wishes would be carried out. Although death is not an easy topic to discuss, end-of-life planning can mean the difference between leaving loving memories or major problems. Which would you prefer?
Estate planning is the process of accounting for assets and arranging for the distribution of those assets in order to achieve the wishes of an estate owner. Good estate planning will determine what happens to your property, who will get it, where it will go and how it will happen. Such planning allows you to have control over your assets when you pass away and also assign a guardian or custodian to a minor or disabled person. An estate plan may considerably reduce the possible taxes and fees associated with probate and the distribution of assets.
There are many specific types of legal documents that come into play, such as Wills, Trusts, Power of Attorney documents, and Beneficiary forms. In addition, you need to evaluate and consider tax issues and financial responsibility for heirs or beneficiaries as well. However, the benefits of estate planning can be invaluable.
To learn more about the factors you should consider for your estate plan in order to leave loving memories for your family instead of major problems, consider speaking with a financial advisor.
Todd Schwendiman is the founder and principal owner of Heritage Solutions Group, which was founded in 2000 to help residents along the Wasatch Front find peace of mind when planning their retirement. Dallin Schwendiman joined the firm in 2014 and is the General Agent for Medicare Solutions. Their mission is to help individuals and families resolve concerns in retirement.