The only thing that is certain about life is that anything can happen, even the unexpected. No one likes to spend their time contemplating the unthinkable, but putting some thought into what you want for your final arrangements can help prepare your loved ones for any worst case scenario. Keeping in mind that your estate planning should include more details than are covered in your funeral planning, there are many things to consider.
If you are in your 40s, you may not be putting too much thought into your estate planning. Most people in their mid-life years are focused on building their family and career and less about what will happen after they are gone. The truth is that your 40s are a time when you are generally settling into your life, making it the right time to think about protecting your future. Estate planning with the Postage is the best way to protect your family and everything you have worked for. It’s never too early to get started. Let’s take a look at a few reasons to start your estate planning right now.
Protect Your Kids
The priority for all parents is to protect their children. An estate plan will ensure that you have a say in your children’s lives after you are gone. If you have younger children, heavy consideration must be put into their financial protection, their educational future, and who will look after them after you are gone. Estate planning for older children can be complicated, so it’s a good idea to have a conversation about your wishes with all of your adult children. Share your plans and discuss any inheritance plans openly to avoid conflict in the future.
If you own a home, it is likely your largest asset that will need to be included in your estate planning. Upon your death, there needs to be a plan in place for what will be done with your property. If you wish to transfer ownership of your home to a spouse or a child, you will need to include these legal details in your estate planning. If your property is to be sold, you should create provisions in your estate that detail how your heirs will split any profits.
Many people in their 40s have begun to take on the role of caretaker for one or both of their senior parents. The worst-case scenario is that your parents would outlive you and be left to fend for themselves. The most crucial part of your estate planning that involves your senior parents should be to ensure that they have their final arrangements completed. If your aging parent requires part or full-time care, you will need to make plans for their continuing care. Research your options and inform your parents and family members about the plan.
As you build your portfolio through your 40s and 50s, you will need to ensure that your family can benefit from your investments once you are gone. When you open a 401K account, you will be required to name a beneficiary. Your other investments may remain unnamed. Work with your financial advisor to ensure that your entire portfolio will be property funneled to the right beneficiary. It’s a good idea to update your beneficiaries every few years to make sure that they are still suitable, in case of divorce or death.
You always want to focus on living life to the fullest, but that doesn’t mean that you can’t plan ahead for the future. To protect your family, investments, and property, now is the time to start your estate planning and get the peace of mind that will help you get the most out of your life.