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Estate planning is not just for the super-rich

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Estate planning is not just for the wealthy. In fact, it is something that every person should do to protect their loved ones and ensure that their wishes are carried out after they die.

Contrary to popular belief, estate planning is not just about making sure your assets go to the right people. There are many other benefits that come with estate planning, such as reducing taxes and ensuring that your loved ones are taken care of financially if something happens to you.

In this blog post, we will discuss why estate planning is important and how it can benefit the average person.

What is estate planning?

Estate planning is the process of preparing for and managing your assets and affairs after you die. This includes things like making a will, setting up trusts, and choosing beneficiaries for your life insurance policy.

While Covid-19 has increased Americans' awareness of the need for estate planning such as having a will, living trust or living will, numbers are still shockingly low. In fact, a recent survey found that only about 33% of Americans have established such plans.

Why is estate planning important?

There are many reasons why estate planning is important. One of the most important reasons is that it gives you peace of mind knowing that your loved ones will be taken care of financially if something happens to you.

Another reason why estate planning is important is that it can help to reduce the amount of taxes your loved ones have to pay after you die.

Estate planning focuses on different aspects based on where you are in your life right now. For example, if you're in your 30s or 40s and have a young family, you may want to prepare financially in the case of an accident.

Unfortunately, we all have come across many GoFundMe pages and other fundraisers when a loved one passes unexpectedly, leaving behind a family. Estate planning addresses these circumstances with protections such as life insurance and other policies to help your family financially navigate such a tragedy.

How does estate planning benefit the average person?

Estate planning can benefit the average person in many ways. One of the most important ways is that it can help to ensure that your loved ones are taken care of financially if something happens to you.

Unlike the very wealthy, who don't have to worry about paying for expenses like funerals or paying off their mortgage, the average person is likely to contend with such circumstances. However, when you plan ahead, you have the peace of mind that the unexpected won't financially ruin your family. That's why 71% of American adults say that having an estate plan would make them feel like a good spouse or parent!

Another way that estate planning can benefit the average person is by helping to reduce the amount of taxes they have to pay after you die. While this may seem like a problem only for the wealthy, it's not. If you have any assets that would transfer to your next of kin, they will contend with taxes.

The probate process can cost up to 10% of an estate - whether it's a large or small one. However, having a detailed estate plan can reduce the likelihood of a long, expensive probate process.

Takeaways

-Estate planning is not just for the super-rich. It is something that everyone should do to protect their loved ones and ensure that their wishes are carried out after they die.

-There are many benefits to estate planning, such as reducing taxes and ensuring that your loved ones are taken care of financially if something happens to you.

-If you have not already done so, we encourage you to start estate planning today. It is never too early to start and it could make a world of difference for your loved ones.

Finding an Estate Planning Professional

The process of estate planning can be complex, but there are many resources available to help you get started. We encourage you to speak with a qualified estate planning attorney to learn more about how you can protect your loved ones and ensure that your wishes are carried out in the case of your passing.

If you are ready to plan for your future and protect your loved ones, estate planning is the way to go. And when you use a TrustDALE certified professional, you're always protected by Dale's trademark $10,000 Make-It-Right Guarantee. So start looking for a trusted financial and estate planner in your area today!