Four Things You Didn't Know About Estate Planning
Protecting the well-being of your family at a time of loss by creating a customised estate plan is what one Will writer I worked with when I started my career called; “A final love letter to those closest to you”.
But going about ensuring peace of mind for those you leave behind can be a daunting task, and there isn’t a quick fix solution, but a series of steps that need to be considered.
Here are four things you may not be aware of when looking at creating your own love letter:
Even with a will, probate is a possibility.
The probate process when there is a will in place still requires proving the will is legal and valid. This varies across jurisdictions and can be contested usually. Your will is best looked at as your preferences which are likely to be upheld by a court.
Protecting assets from long-term care costs is doable but complex.
The longer away from the need for long-term care you are, the less complex and less expensive this will usually be. This will usually involve careful use of trusts - which should be set up as soon as possible as some jurisdictions require a certain number of years to be in place to recognise the trust and not touch the assets it holds.
Estate planning is a team effort.
A will writer/lawyer is only part of an equation that should include a tax expert, an investment advisor and likely a Trust expert. Insurance expertise also comes into play.
It’s never too late for damage control.
Never resign yourself to worst-case scenarios. There are almost always some options to help offset liabilities, and you should know you’re not alone.
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