With all the hype of the Powerball and Mega Millions that just passed, it’s always fun to imagine what we would do with all that money. Some popular ideas include travel, luxury cars, shopping, charity—the list is endless. However, the first thing anyone should do is immediately look into financial estate planning. The truth is, everyone should be looking into planning for the future, lottery winners or not. Responsible financial and estate planning can help with everything from retirement to unexpected illnesses or expenses. There is nothing worse than being left without means when you least expect it.
We’ve outlined the top reasons you should seek professional financial estate planning:
Reason One: Protection for Your Family
Financial estate planning deals with your assets, obviously. But it also deals with other things, especially in cases of families with small children. Even if you do not think you have much, by using financial estate planning, you can make sure that your wishes are respected and they are taken care of. In the worst case scenario, you need to be sure you name guardians for their care, as well as their financial future. For example, you can direct the proceeds of the sale of your home be used for their education, or direct any stocks, bonds, or other assets to be used in a certain way. You can essentially ensure your family’s well being in the case that something happens to you. While no one likes to think about dying young, it is always better to be prepared than be caught unaware.
Reason Two: Who Gets What?
Dying unexpectedly or without a will really won’t affect you in the afterlife. However, it means that you are leaving unsettled plans for your surviving relatives. Even if you do not have a huge amount of money, you have to consider your assets. Anything from a small bank account to your home, your car, and your possessions are considered assets. It is important for you to direct who will get what in the event of your death or incapacitation, otherwise people who you never intended to end up with your assets will get them. Disputes can take years to resolve, and can often cause rifts and family divisions you never intended, but that is hard to overcome for many.
Reason Three: Protect Yourself
Many times, we consider financial estate planning as a part of a will. Essentially, it is something associated with death and what will happen after. However, this is not always the case. In fact, being prepared for anything can protect you as much as it would protect your interests after death. If you suffer an accident and are incapacitated, having a financial estate plan can protect you in many ways. Not only can you plan for different scenarios, but you can also choose the manner of your care. You can direct how your finances should be taken care of in the event you are not able to do it yourself. You can even have a living will that covers what your wishes are if you end up on life support, or have a debilitating illness such as Alzheimer’s or dementia.
Find Reliable Financial Estate Planning Services in El Paso
At Clifford, Ross, Raudenbush, & Cooper, we offer complete financial estate planning so you can put your mind at ease. Be prepared for anything. Make your appointment today!