Estate planning is key to ensuring that your loved ones are properly catered for after you are gone. Ideally, go beyond the practical and financial issues and also leave something personal, something of yourself.
Follow these three simple steps to ensure that you don’t just leave behind assets, but also a lasting and valuable legacy –
1. Firstly, leave a valid and updated will (“Last Will and Testament”). It’s the core and the foundation of your plan to protect the people you care for.
2. Next, address the financial and practical aspects. Will each of your loved ones have enough to support them? Will there be enough cash in your estate to ride out the inevitable delays in winding it up? Are children and any other vulnerable family members protected? Have you taken advice on setting up trusts? Do you have enough life insurance in place? Have you left a full “Important Information File” to help your executor and your family take control of and finalise your estate?
3. Now go one step further – don’t just leave an estate, leave a legacy. Read “How to Preserve Your Life’s Lessons for Future Generations” on Mission Wealth for ideas on how to share a meaningful “Legacy Letter” with your family. Follow the links in that article to “Leaving a Legacy” and “The New Way to Leave a Lasting Legacy”.
Let’s close with these words of wisdom from that article: “The golden rule of all estate planning is: Don’t wait.”