Your savings and investment plan must include estate planning
Estate planning is likely the most significant foundational element of your savings and investing path.
Your objectives and needs will fluctuate throughout your life, so your financial plans must be adaptable enough to help you reach them even if they change. However, after your death, there is little you can do to alter your goals.
How much time do people devote to organizing birthday parties, house improvements, upcoming vacations, and making sure every last detail is just right? However, it appears that many people assume that something as essential as estate planning can wait until some unspecified future period. This way of thinking should be avoided because we never know what the future will bring. We have all learned from the pandemic that life is unpredictable.
Why are estate plans so important?
Your loved ones will receive a legacy you can be proud of if you have an estate plan in place. The last thing you want is to leave your affairs in a mess so that your loved ones have to cope with them. Experience has shown us that a sudden death in a household where there was no estate plan in place can frequently result in a serious family conflict.
With the help of an estate plan, assets can be legally and successfully handed to future generations while still being preserved and protected during a person’s lifetime.
Take into account the following advantages an estate plan offers to help you prevent potentially disastrous outcomes for your family and heirs:
– Deciding who and what you wish to inherit from your beneficiaries;
– Choosing a trustee to oversee the money you leave for your young children (and making sure that this financial commitment will be met);
– Making sure your dependents are taken care of financially;
– Making arrangements for your business to minimize taxes;
– Ensuring that your estate has adequate cash on hand to pay living expenses while the estate is being wound up.
Making a will and taking care of the financial consequences of death are simply two aspects of an estate plan. Having a strategy in place that will facilitate the transition for those left behind is also important. Making sure your family will be taken care of when you pass away is the goal.
Making sure that your family members are aware of your intentions and paying attention to the smaller details are both very crucial. What would you like, for instance, to happen to your remains? Although cremation is frequently mentioned, is it obvious what should be done with your ashes? There are a lot of possibilities, and knowing your preferences and being clear on the specifics will help during a highly painful period while making extremely difficult decisions.
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
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West Jordan UT 84081
|Salt Lake, Utah
|Ebenezer Brown and his wife Phebe DRAPER Palmer Brown
|William Draper, Jr.
|Troy K. Walker
|29.96 sq mi (77.61 km2)
|29.95 sq mi (77.57 km2)
|0.01 sq mi (0.04 km2)
|4,505 ft (1,373 m)
|1,700/sq mi (660/km2)
|UTC−7 (Mountain (MST))
|• Summer (DST)
|GNIS feature ID
Draper is a city in Salt Lake and Utah counties in the U.S. state of Utah, about 20 miles (32 km) south of Salt Lake City along the Wasatch Front. As of the 2020 census, the population is 51,017, up from 7,143 in 1990.
The Utah State Prison is in Draper, near Point of the Mountain, alongside Interstate 15. Gary Gilmore‘s execution occurred on 17 January 1977. The Utah Legislature voted to relocate the state prison to Draper in 2014 and in 2015 approved the Salt Lake City location the prison relocation commission recommended. The Draper Prison will close in 2022. Inmates will be moved to a new prison facility in Salt Lake City; the new prison is slated for completion in mid-2022.
Draper has two UTA TRAX stations (Draper Town Center, 12300/12400 South and Kimball’s Lane 11800 South) as well as one on the border with Sandy (Crescent View 11400 South). A FrontRunner commuter rail station serves the city’s west side. The city has around 5 FLEX bus routes connecting neighboring communities and two bus routes to Lehi Frontrunner Station and River/Herriman, connecting at Draper Town Center and the Draper Frontrunner Stations.
— Parklin Law (@VA_ParklinLaw) December 7, 2022