Four Estate Planning Steps That Spell “Love”
by Michael R. Cahill, Esq.
It may not sound like the most romantic gesture ever, but planning your estate can be more valuable to your loved ones than any box of chocolates or steak dinner ever could be. That’s because, when you take easy, important steps in the estate planning process, you’re not only preparing for your own financial future, but also offering protection to those you love. And that’s the kind of Valentine’s Day gift that will keep giving – even after you’re gone.
Are you ready to take a leap toward planning your future. Here are some important steps in the estate planning process you can take:
Write a will
This simple step is one that many people procrastinate – or neglect altogether. But writing a will is an important step in making sure that your assets are distributed according to your wishes after you’re gone.
Outline your guardianship wishes:
If you have minor children, it’s imperative that you include guardianship wishes in your will. Imagine that you die and the courts are left to determine the proper care and nurturing of your children. Speak with an estate planning attorney to ensure that your wishes are properly documented within your will.
Consider term life insurance
If you have loved ones that depend on your income to live, eat or pursue an education, term life insurance can be a good estate-planning tool. The term of your insurance should be at least as long as you’ll have someone depending on your income for his or her well being.
Consult an attorney
While we live in an age of do-it-yourselfers, there really is no replacement for a good estate-planning attorney. That’s because there is no one-size-fits-all solution when it comes to planning your financial future. If you have valuable property, minor children, a business, real estate or other special circumstances, an attorney can help you determine the best solution to protect you and your loved ones.
Financial security? What gift could say “I love you” better than starting to follow these important steps in the estate planning process?
About Michael R. Cahill
Mr. Cahill has spent his professional career dedicated to assisting clients with planning their estates, protecting their assets from creditors, and creating business entities to operate companies or manage investments.
Learn more about the attorney →