If you haven’t started yet, it’s not too late to begin your estate planning. Most people haven’t made even a simple will, to say nothing of a more comprehensive plan to avoid probate or save on estate taxes. Yet ignoring the inevitable can have dire consequences that can end up being very expensive and even result in irrevocable rifts among family members.

There are many reasons to have an estate plan. The most obvious reason is to protect your hard-earned estate. Leaving it to your wife and kids may seem like the clear choice. But families change over time and while you may love your son, you may not be quite so sure about your new daughter-in-law. In fact, if you set up your estate correctly, you can make sure that she won’t get any of your inheritance in the event that she divorces your son.

Your wife could be another problem. After many years of happiness together, it’s possible that she is not the sort to live alone after you depart. But if she remarries, do you want your hard earned cash being enjoyed by her new husband? Making the right decisions now can make sure that your money won’t end up with his side of the family.

Besides making sure that your estate doesn’t fall into the wrong hands, estate planning allows you to stipulate exactly what each beneficiary receives. A will is one way to do this, but there are other ways. For example, you can list your beneficiaries in your insurance policies. You can choose someone to be your power of attorney. You can name someone to become your kids’ legal guardians should something happen to you.

When considering the right estate plan for you, think about three objectives: Make your plan easy to administer, develop a plan that will lower the taxes payable on your estate and figure out how to leave your estate so that it can be put to the best use possible by your heirs.

At LIFE Financial Planners we can work with you to address the various issues that you will need to address. There may be a need to put in place, or to increase life insurances to ensure your estate planning wishes can be met and your family is protected. Or to ensure there are sufficient funds in place to provide for your loved ones in the event of your passing.