August 11, 2021
What is the Purpose of Estate Planning and Insurance?
Estate planning is a critical responsibility to perform as early in the career as possible. Estate does not have to be a vast piece of land and a million dollars. Today, everyone, including middle-class families. It protects the beneficiaries, heirs, and anyone that you want to give your life savings to after your death. Although it is no fun thinking about your own death and preparing for it, it is better to consider the benefits estate planning and life insurance offer for future generations.
Purpose of Estate Planning and Insurance
- Protection: Estate planning and life insurance protects your wealth and designates how your property will be divided after your death.
- Provides help: It resolves the burden of involving the court to divide the property for your heirs and other intestate procedures. An estate plan includes a will clarifying all your wishes about who can claim your assets.
- Provides information: You can give personal messages to your family and friends. It states who gets to raise your children and be their guardian when you are not present until their legal age. You can say who you wish involved and excluded from your will.
- Provides a source of income: Life insurance helps your heirs with their finances by becoming a replacement for the income that you provided. Putting your money in insurance policies also increases it, providing more financial support to your family.
- Takes care of financial obligations: An estate plan completes all the liabilities in your name, including the taxes, pending debts, and loans. It ensures that no one will have to face legal troubles after you.
- Appoints a health care proxy: An estate plan includes a living will; naming a health care proxy that becomes critical in times of severe health conditions or when you go into a vegetative state and can no longer make decisions for yourself.
Essential Points to Consider in Your Estate Planning Strategy-
- Power of attorney
- Health care proxy
- Property distribution and trusts
- Life insurance
- Charitable giving
- Business interests
- Preserving wealth by reducing tax liability
About Castle Wealth Group
Are you searching for reliable assistance services for estate planning and insurance? At Castle Wealth Group, we build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.