No one likes to think about it, but we all know that at some point, we will pass away. When we do, we will likely leave family behind, and because of that, it is extremely important to have some estate planning in place well before anyone is in a position to need it.
Estate planning ensures that your wealth will go to those you want it to go to, so you can achieve your personal goals even after you are gone. And you can even significantly reduce the taxes paid to those important to you by proper estate planning, thus ensuring that your heirs get a larger inheritance.
Many people spend more time planning their holidays than planning their estates. This is probably because the holiday will happen sooner and because it’s much more fun to plan. However, estate planning is much more important but requires more time and effort. Without a comprehensive estate plan, a significant part of the work you’ve done throughout your life, both at your job and with your investments, can be lost or given to unintended beneficiaries.
Regardless of how much you have, it’s important to speak to a financial adviser about estate planning so that your financial goals are met even after you’re gone.