Building your legacy
Your life goals are about more than money, and so your estate plan should take the same approach. Having a clear roadmap for the dispensation of assets at the end of life, will ensure that your wishes are carried out. With proper planning, you can be certain that the support you showed to the people, organizations and causes during your life can continue beyond.
Wills and Trusts
A key component of legacy building is documenting the framework for how you would like your assets to be dispensed. This is done by completing and setting-up a comprehensive set of Wills and Trusts. This generates a clear set of instructions for your executor to follow. A properly constructed set of Wills and Trusts can have features that greatly benefit your heirs and beneficiaries. Among those features include asset protection, tax efficiency and avoiding probate. Trusts can be created to handle a wide variety of situations. Working in conjunction with a Will, the Trusts are created to ensure that assets handled in the manner in which you see fit. This can include the distribution of assets across specified timeframes or funneling of assets to particular causes. In addition, there are a variety of insurance, gifting and asset transfer strategies that can function in a tax efficient manner when correctly structured within a Will. Another important benefit of a Will is avoiding probate, or the process of having a court decide how to dispense assets. In the absence of a Will it is incumbent upon the court system to decide the manner in which a deceased’s assets are passed on to heirs. This process can involve significant time and expense on the part of the heirs, but can be avoided with a properly constructed Will. End of Life planning is an essential part of the overall financial plan, and it is important that you consult an attorney to be sure that your Will and Trust are constructed in accordance with all proper rules, regulations and laws. As Wills and Trusts are a vital component of the overall financial plan, BrightPath Financial Advisors are there to support you through the process.