Why You Need To Build An Estate Protection Plan Into Your LIfestyle

“Estate protection? What estate? I don’t have enough money for an estate.” If this is your belief about your finances, then you are underestimating your achievements. Even if you only have a car and a bank account, you have an estate and you should take some steps to protect it.

There are two reasons you should consider a family estate protection plan. One is to make sure what happens to your money after you die is in accordance with your wishes. This can range from making sure children or grandchildren have money to college, to making sure there is a plan to keep a business running.

The other is to make life easier for your family. An estate plan may help them avoid probate court and it gives them a plan on what steps to take in the event of your death.

Your Initial Steps Will Make The Journey Easier
Before you begin the process, ask yourself the following questions:

1. Do you want to set up your estate protection plan by yourself or use professional help?
2. Do you have an idea how you want your estate distributed?
3. Have you chosen the right person as executor?

DIY It or Hire A Professional?
You can develop your own estate protection plan. There are free resources available on the internet and at your local library. However, should you do this alone, you need to make sure you are covering all of your bases.

In addition to filling out the right forms. There may be required public announcements, court filings, and notarized documents. This may seem easy to handle, but you want to make sure you don’t make a mistake.

A critical error or omission may not be discovered until it’s too late and irreversible.

Using an experienced professional has the advantage and protection of their knowledge. There will be a higher cost, but the cost may offset any feelings of anxiety. Also, most professionals will take care of any court filings or notarized documents.

Where Do You Want It to Go?
It’s never too early to think about where you want your assets to go. So, sit down and decide where you want the money to go and under what terms.

For example, you may want to leave money for grandchildren’s college, and you can specify the amount and when the money should be distributed. Or, you may want to delay the disbursement of your money to certain heirs. You can pick the year or age when they should receive their money.

If these decisions are difficult for you to make, you may want to consider using professional help. Sometimes an objective view can help make things easier.

Choosing Your Executor
Part of estate protection, is having somebody to act as the executor of your estate. This is the person who will make sure the will and estate plan is carried out according to your directions. It should be somebody who is trustworthy and responsible. They should also be able to withstand family influence and remain objective during the entire State process.

The responsibilities they have will be critical during the time that your estate is being handled. People may try to influence them in their decisions. However, if you set up a good estate protection plan you will not have to worry about somebody trying to circumvent your plan. The executor, backed by your estate plan, will be able to still carry out your wishes

Look, we understand estate protection is a difficult topic to discuss. At Flagler Financial, our experience has taught us many beneficial lessons about estate planning.

If you have any questions and would like to discuss this issue with us further, we encourage you to contact us.