On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Tuesday May 9th, 2023.
Estate planning is vitally important for high net worth individuals looking to secure their legacy and ensure their assets will be distributed according to their wishes after they pass. Here are some benefits of estate planning:
- Protecting Your Family’s Financial Future
Estate planning helps safeguard your family’s financial future by outlining how your assets should be distributed among beneficiaries and can reduce tax liability for them.
- Control Over Your Estate
An estate plan gives you full control of your estate. Without one, the courts would distribute assets according to state laws rather than according to your wishes – creating an estate plan helps ensure that assets are distributed as desired.
- Protection for Your Business
Estate planning for business owners is even more essential. A detailed estate plan will protect your venture by making sure it continues operating successfully after you pass away and can include instructions regarding transfer of ownership and control to specific individuals or groups of people.
Estate planning provides privacy. Without an estate plan in place, your assets and how they’re distributed become public record. By creating one instead, your financial affairs remain private as you provide peace of mind during an already difficult period for your loved ones.
To protect your legacy through estate planning, here are some steps you can take:
- Create a Will
Establishing a will is the first step of estate planning. Your will should detail your preferences regarding asset distribution and caretaking responsibilities after your death.
- Consider a Trust
Consider setting up a trust to safeguard your assets. A trust will enable you to transfer ownership while still having control of them.
- Review and Update Your Estate Plan Regularly
Review and update your estate plan regularly, especially after experiencing significant life changes such as marriage, divorce or the birth of a child. Regular updates ensure that your estate plan accurately reflects your wishes while offering maximum protection to your assets.
Estate planning is essential for individuals with high net worth to secure their legacy and preserve assets after death, giving you peace of mind as well as providing peace for loved ones who depend on you.