Estate planning can be complicated and emotionally stressful. I recently finished the HBO series “Succession,” in which the show takes the concept of the inheritance of a family business to quite the extreme. The show prompted me to reflect on my own understanding of the topic.
Before joining One Wealth, the idea of estate planning felt so far removed from my reality. I told myself, “I’ll consider mulling over my affairs someday down the road.” Although, if life has taught me anything up to this point, it’s that life events can occur at any age. Being prepared with an estate plan can provide an opportunity to help minimize the financial and emotional stress that can accompany such situations. Whether it’s designating beneficiaries for your financial accounts or outlining how you want your belongings distributed, estate planning empowers you to have control over your assets. A comprehensive estate plan can also protect assets from exposure to the probate process. Probate is the legal process of validating a will and distributing assets, which can be time consuming and costly. By utilizing tools such as trusts and gifting, you can potentially reduce the cost of probate and ensure your assets are allocated according to your wishes.
Having a plan can set the groundwork for future growth and prosperity. As careers progress, much like a financial plan, an estate plan can evolve to reflect changing circumstances. I now understand that by laying down a foundation such as a trust and will can have a major beneficial impact to one’s financial situation.
