You can never be too early when Estate Planning but even a minute late, is too late.
No one wants to talk about Estate Planning or End Of Life Planning – but we have to.
This subject is very close to my heart. One of the reasons I became a Financial Coach was that a dear friend of mine passed away at 42 when she was hit by a drunk driver. Seeing what her family had to go through really inspired me to do what I do and help others be financially prepared.
Estate planning is crucial and incredibly important for everyone. No matter what stage of life you are in. It is time to stop avoiding something so important just because it feels morbid. This could be the best gift you give to those you love for generations to come. So let’s be wise and start learning.
I recently chatted with Somita Basu, ESQ., Partner at Norton Basu LLP to bring all my Wise Guy’s some great advice on Estate Planning. We talked about so many things – this is an absolute must-watch.
We cover questions like:
- What is the difference between a will and a trust?
- Is a will or trust better for my situation?
- What is probate?
- How do you make a will or trust if you don’t have any family or relatives?
- Who will support my children if I pass away?
- How do you make changes to your will or trust?
- Costs associated with probate
- How do you handle property in other states?
I had such a wonderful time speaking with Somita and learned so much.
After our conversation, here are my biggest takeaways:
- If you own a business this is an absolute must!
- A will or trust can and should evolve with you throughout your life.
- The amount of money you have doesn’t really matter – you have to protect your family and assets.
- An “estate” is everything you own – not just your equity.
- Family dynamics are hard to navigate – communicating your intentions and what you want helps so much during a really difficult time.
- A will can only help after you have passed away. A trust can help if you are incapacitated.
- Probate is a public process that anyone can see which opens the family up to preditors and sales that you don’t need.
Estate Planning and End Of Life Planning are so important. No matter who you are, how old you are, or how much you think your estate is worth. It is a cornerstone of your financial plan and a key to wealth management for you and your family.
You can never be too early when planning your estate but even a minute late – is too late.
If you want to know more about planning your estate you can contact Somita Basu through her website: https://www.nortonbasu.com.
I’ve worked with people at all stages of life and can help you get your finances set up to impact the next generation, as well as those who have received an inheritance to be wise with its use.