What is Estate Planning?
Estate planning is the practice of making key decisions regarding your estate. It involves specific documentation that details a plan that establishes who will receive your assets in the event of your death. Estate planning also consists of the process of making it known how you would want your affairs to be handled in the event you are incapable of handling them on your own for any reason.
Estate planning is undoubtedly a daunting task; however, we all need it. The decisions you make now regarding your estate assets can profoundly affect the future of your family and the generations to come, both financially and emotionally. That is why you must take the notion of estate planning seriously and approach it carefully.
Fundamentals of Estate Planning
Estate planning is a vital requirement in everyone's life. Perhaps the most significant benefit of estate planning is that if you do not prepare for what should happen in the future while you still can, you have no say on how your assets are handled or what your loved ones receive when the time comes. When you plan today, you have the chance that your tomorrow will turn out exactly how you envision it.
Your estate planning process will constitute several documents, with each document being important in its own right as far as financial estate planning is concerned. These documents collectively represent your final wishes regarding your assets and their distribution among your loved ones. They include guardianship, will, trust, financial power of attorney, advance healthcare directive, and HIPAA authorization.
Do I Need an Estate Planning Financial Advisor?
Estate planning is a delicate and complex process and can be overwhelming for many. Also, many people make mistakes, including taking the wrong inventory of assets, ignoring risks, overlooking financial needs, designating wrong beneficiaries, inaccurate estimation of tax benefits, and wrong choice of wealth distribution strategy. If you are not informed on financial affairs, these are just a few examples of multiple mistakes you can make in your estate planning journey.
You cannot afford to make a simple mistake now that can later have an adverse impact on your family. A financial advisor makes sure you make the right decisions in your estate planning affairs. They will work with you to establish an elaborate financial estate plan unique to you, your situation, goals, and needs. In addition, they will guide you towards your family's financial security.
Secure a Generational Wealth Transfer Plan Without Compromise
Cantrill Financial Group is a service-oriented firm that holistically approaches financial planning. We are experienced in estate planning and can help you achieve a more effective plan for your assets. Our highly knowledgeable and experienced team will work with you to determine the best products for your situation. In addition, we will work on your behalf with our network of individuals in the financial industry to reduce any stress and anxiety you may have about your financial future. Our comprehensive approach to financial planning also addresses risk mitigation, legacy planning, and liquidity management.