Building a Bright Future: Planning for a Legacy or Estate
Building a Bright Future: Planning for a Legacy or Estate
Do you want to leave behind a legacy or estate? If so, it's important that you plan accordingly. Estate planning involves creating a document that outlines your wishes and will enable those who inherit from you to follow your instructions. It also helps with reducing the risk of disputes among family members over what should be done with all of your property after death. In this article, we'll discuss the things you need to know when planning for a legacy or estate, and, of course, our team at Engage Insurance Group will be there to help you every step of the way.
Get Your Estate Documents In Order
One of the most important things you can do when planning for a legacy or estate is to get your estate documents in order. This includes a will, healthcare power of attorney, and durable power of attorney. If something happens to you and you don't have these documents in place, it could lead to confusion and disputes among your loved ones.
Review Your Legacy Plan Every Three to Five Years
In order to ensure that your legacy plan is up-to-date, it's important to review the documents every three to five years. This allows you and your loved ones time to make any necessary changes or updates before they become a problem. In addition, being proactive in this way will help avoid any problems in dealing with a loved one's estate after death.
Know What Sort of Legacy You Want to Provide
It's important to know what sort of legacy you want to provide. Do you plan on leaving behind a financial inheritance? If so, it might be wise for your loved ones to learn about estate planning and how they can make sound decisions with the money. Are there specific items that you'd like them to have when they inherit from you? It's also a good idea to give them copies of all the important documents so they have access when your estate is being processed.
Update Your Plan After Any Large Life Event
To ensure your legacy or estate plan is sound throughout every stage of your life, it’s important to update your plan after getting married, having children, retiring, or even in the event of a tragedy. This will ensure your plan is tailored specifically to your wishes and the needs of your family.
Legacy and estate planning isn’t always easy, but it will help build a bright future for you and your loved ones. To learn more about planning a legacy or estate, get in touch with us today, and let the Engage Insurance Group help you build a bright future. Schedule a free consultation today!