You’ve been accumulating assets and saving since entering the workforce. The question is, do you have a plan in place for these assets after your death? If you’re like most people, you don’t think you need an estate strategy. Do any of these reasons sound familiar?I don’t have enough assets to worry about estate taxes. Forget taxes for a minute. There are a number of non-tax reasons for estate analysis. If you have not done any analysis of your estate, state law determines where your assets will pass when you die. There is no guarantee the legal system will make the same decisions you would have made. Putting your directions in your estate plan is the only way to ensure that your wishes are followed. Let’s assume assets would be distributed just as you would like. There are still several reasons to prepare ahead. First, in your will you can determine who will handle your estate when you die – called the personal representative. A will also allows parents to nominate who will take care of their minor children. Although the court makes the final appointment, naming a guardian ensures your wishes are known, and in most cases, followed.
By: Alan@4cornersbusinesscouncil.com Northwestern Mutual Financial Network
