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If the thought of estate planning conjures up images of mansions, trust funds, and multimillion-dollar wills, you're only partially correct. In reality, estate planning isn't just for the wealthy. It's for anyone who wants to safeguard their assets and plan for the future.
The more money and assets you possess, the more complex your estate planning may be. But even with a modest collection of assets, estate planning is a crucial step in safeguarding and managing your affairs.
Whether you're a new parent concerned about protecting your child, you're getting older and interested in preparing for end of life steps, or you're simply the type of person who sleeps better at night with all their ducks in a row, estate planning is for you!
Why do I need estate planning?
In a recent Forbes article, private wealth management strategist Halsey Schreier explains that estate planning is a set of legal documents outlining what you want to happen to your assets when you pass away, or how to handle health and financial decisions should you become incapacitated.
"A comprehensive estate plan can help you feel more confident about the future," Schreier says. "Thoughtful planning now can help minimize taxes and probate fees and ensure your family will have less to worry about when you are gone; however, failing to make plans for your estate can lead to unintended complications for your descendants."
There are several reasons you need to have an estate plan in place.
- Protect minor children. Estate planning allows you to designate guardians for your children in the event of your death.
- Distribute assets. This allows you to personally determine how you want each asset—such as real estate, investments, and personal items—distributed among your heirs. You can also plan for charitable giving.
- Make medical decisions. You can outline medical and healthcare choices such as an advance directive or healthcare proxy. You can also plan for power of attorney over your affairs should you become medically incapacitated.
- Ensure business succession. If you own a business, this allows you to make decisions such as transition of ownership.
- Minimize taxes. Estate planning helps protect your beneficiaries from huge tax burdens after you pass.
The Elysium Legal approach to financial security and peace of mind
Elysium Legal's mission is to remove barriers to completing estate planning, so that you can enjoy peace of mind for the future. Their professionals provide the information you need to make informed decisions that work best for you and your family.
Elysium's approach begins with a comprehensive discussion to understand your personal goals, family dynamics, and financial landscape. This helps Elysium craft solutions that mirror your aspirations.
Next, their team recommends the most suitable will and trust structure tailored just for you. Elysium's team of legal professionals draft the necessary documents and walk you through every step, providing clarification when needed. Elysium Legal's innovative approach to estate planning is available to a wide spectrum of income levels.
Start your estate planning today with Elysium
Estate planning is not just about the distribution of assets after death; it's a comprehensive strategy to protect your interests, your loved ones, and your legacy.
Initiating the process of will and trust planning is one of the most empowering decisions you can make for your future and for those you care about. Elysium is committed to making this process smooth and effective.
Schedule a consultation with a legal professional to get started on your personalized estate planning.
