Estate planning is the process of arranging for the transfer of your assets to your loved ones or designated beneficiaries after your death. It can also include planning for your care in the event of incapacity or disability. At 3 Rivers Wealth Management, our trusted advisors are here to discuss estate planning options with you. This blog explores four things you should know about estate planning. Contact us today!
Four Things To Know About Estate Planning
Estate planning is not just for the elderly or wealthy. Anyone with assets, regardless of age, should have an estate plan. It's important to start the planning process early to ensure that your wishes are carried out in the event of incapacity or death. Starting early also allows you to make changes to your plan as your circumstances change.
While a will is an important component of estate planning, it's not the only document you'll need. Other important documents include a durable power of attorney, which designates someone to make financial decisions for you if you become incapacitated, and a healthcare proxy, which designates someone to make medical decisions for you if you are unable to do so.
A trust is a legal entity that holds assets for the benefit of your designated beneficiaries. Trusts can be used for a variety of purposes, including avoiding probate, minimizing estate taxes, and protecting assets from creditors. There are many different types of trusts, each with its own specific benefits and drawbacks. Contact our team today to learn more!
Reviews and Updates
Once you've created an estate plan, it's important to review and update it regularly. Changes in your life circumstances, such as the birth of a child, a divorce, or a change in your financial situation, may require updates to your plan. Regular reviews can ensure that your plan remains current and effective.