This may be one of those things that are difficult to discuss and touch base on, but it’s also very important. Where do we start? Find out more by watching our video and reading below!
– If you own property, are married, have dependence, or owe money – a will is recommended.
– If you have special wishes before anything, it is important that you have it written down
– Without a will, your directions will not be followed – therefore, the courts can be involved, they can appoint an executor and can cause delays and extra money to the estate.
– If you have children, you will not have a say for the guardians of the children. The court can appoint somebody to be the guardian, therefore any plans for their future will not be considered.
– When children turn 18, they may receive a bulk of your estate and if that wasn’t in your intention, that can be a concern.
– If you have a special charity or any other concerns that you want to be involved with, this can also become another issue.
– If you have a business, there can be some complexity and your business could dissolve
– The financial stress can be extremely impact – especially if the lawyers get involved when your intentions were unknown and it can whittle away the estate.
– Further, this can cause discord in the family and other extreme impacts
– To the extent where a long lost relative could potentially receive a portion of it
– Other further financial support systems in your family could end up in financial hardships such as businesses or assets
– This is a good place to start if you are single and have a single portfolio. Once you start adding your family members such as your spouse or children, it might be accessible and a great planning tool, but the more you accumulate, the more complexity behind it where it is recommended that you seek professional help.
Getting ahead of the plan is important at times when you might not think it is.
If you have any further questions, contact us! We’re here to help!