A properly designed estate plan can provide a strategy to conserve assets while you are alive and outline how you would like assets distributed after you pass away. Many people are under the perception that trust and estate planning are only for wealthy individuals or couples. However, these services can be a beneficial financial planning option for individuals at any income level. Without a formal planning process in place that outlines your wishes, your state laws may determine how your assets will be distributed. The court’s decisions may differ greatly from your wishes.
Estate planning not only involves passing on assets such as real estate, personal property, and financial assets, but also planning for others to make decisions for you, should you become incapacitated or die. Estate planning is the key to making sure that everything you work for is passed on according to your wishes. These are difficult decisions, but if you don’t make them, a court will.
Adopting an estate plan will be an important step in your financial life. Most people have a number of questions when it comes to developing an effective estate planning strategy. At First National Trust & Wealth Management we are committed to fostering personal relationships with our clients. Our professional staff has the expertise to provide a personalized solution for you.
Contact us today. We welcome your questions and look forward to working with you.
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When John recently lost his wife Betty to cancer, their children were surprised to find out that neither John nor Betty had life insurance. As a result, the children ended up paying the cost of the funeral, and John, currently on a fixed income, is left contemplating whether he can afford to stay in the home they had lived in for over 25 years.
Being financially literate in today’s economic climate is more important than ever. Understanding finances can help you make better money management decisions, budget your money properly, adequately save for college, and be financially prepared for retirement. While it may sound daunting, financial literacy starts with a budget.
There are many ways that we support our favorite charitable causes. However, one of the most beneficial ways to support a favorite charity now and into perpetuity is through planned giving.
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