As a retiree living in South Florida, the last thing you probably want to think about is making estate plan preparations. While it may seem uncomfortable at first, coming up with a plan is important.
Proper estate planning can give you the peace of mind you need to enjoy your retirement and live life to the fullest.
1. Guarantee your wishes
If you are like most people, you care about what happens to the things you have worked hard for all of your life. An estate plan allows you to designate who receives your assets, whether it be family members, friends or a charity near to your heart.
2. Avoid excess taxes
Using techniques and tools, such as trusts, an estate planner can help you can avoid the undue burden of a huge estate tax bill when your assets transfer to beneficiaries.
3. Keep the peace
Even the most loving families are prone to quarrels over the division of assets when a loved one dies. Adequate estate planning can clearly outline your desires to avoid fighting.
4. Bypass probate and maintain privacy
Without a sufficient estate plan, you face the potential threat of your estate entering probate. Probate can get messy and your private information will become public record. A thorough estate plan can help you avoid this.
5. Protect beneficiaries
In addition to providing your beneficiaries with a more secure financial future, estate planning can also allow you to set up a system of safeguards to help your loved ones manage the money you leave them and reduce their financial vulnerability to others.
If you want to ensure your money keeps your loved ones safe, happy and financially secure long after you are gone, you should create an adequate estate plan.