3 Reasons for Estate Planning

3 Reasons for Estate Planning

1. Get affairs in order
2. Make sure assets are distributed the way you want
3. Assure liquidity

For the very wealthy the three reasons could be:

1. Avoid confusion and reduce complications for family
2. Provide a plan for liquidity
3. Arrange for meaningful charity

For a couple with young children:

1. Designate a guardian for children if untimely death of both parents
2. Provide a guaranteed cash flow for the guardian
3. Assure funds for the cash flow by buying low cost fixed premium 20 or 30 year term life insurance

The reasons are similar, just different ways of presenting it.

You should review your plan, will, trusts and other documents whenever there is a change in your situation or change in tax or inheritance laws.  If nothing new, then at least once every two years.

If you do not have an adequate plan, then get it done now.  Don’t delay – you never know when it will be too late.

For more information about our Individual Tax Services, fill in the form below and our team will be in touch.