There comes a time in life when you should begin considering how your loved ones will be taken care of after you have passed. In life, you do everything you can to provide for and safeguard your family from financial troubles. With estate planning services available through UFirstFinancial, you can continue to protect and provide for your family even after you’re gone.
Estate planning is preparing in advance which people or organizations that you’d like to receive the things you own after you pass or become incapacitated. Nobody can truly know the future, so making these plans while you are able to can save a lot of trouble later when decisions must be made–whether or not you’re ready.
Estate planning is more than just a will, it can also include:
- Properly designating a beneficiary
- Instructions for your medical care if you become incapacitated or unresponsive
- A named guardian for minor children’s care and inheritance
- Plans for providing for family members with disabilities without disqualifying them from government benefits
- Creating a living trust to minimize taxes and fees on your family’s inheritance
Everyone Owns an Estate
Many people tend to feel like they don’t own enough assets to worry about estate planning, but this is incorrect. Everyone has an estate. It consists of everything you own–your car, your home, your furniture, your prized mixtape and your financial accounts.
If you never plan for your estate, your possessions are controlled by your state government at the time of your death or even disability. If you become incapacitated, the state can appoint someone as your guardian or conversator and can completely control your assets to provide for your care. Because this is all run through the state courts, it incurs court fees and can become time-consuming, plus it can be difficult to end even if you recover and no longer require assistance.
In the case of death without a will, the state distributes your assets through a court-supervised probate and follows your state’s intestacy laws. The word intestacy refers to dying without a will. If you have minor children, the court controls their inheritance until they are at least 18. In these cases where the state has to get involved, they will deduct court fees from your assets. Proper estate planning can help avoid these court fees and give your family more.
Estate Planning Isn’t For You, It’s For Them
Planning ahead for death isn’t just practical–it’s thoughtful. When you pass, the family you leave behind does have to go on, and that may mean dealing with the state and your assets. Preparing in advance gives everyone a clear direction of what is to happen and supports peace of mind.
Ready to get started? Visit this form, ask to hear more about Estate Planning, and someone will contact you directly with more information. An agent will help you create the plan that works for your estate, whether that includes a living trust, pour-over will, or more traditional will.
What is UFirstFinancial?
UFirstFinancial is a collaborative effort between United Financial and RichMark Private Wealth Management, a state-registered investment advisory firm. All services can be rendered right through a United Financial Credit Union branch location. If you’d like to learn more about the wealth management services provided, visit this page now!