Estate planning goes well beyond making a will

It can be a common misconception that legacy planning is only necessary for the wealthy, but this simply isn’t true. In financial and legal terms, an estate simply consists of your possessions. This can include your home or other real estate, investments, life insurance, furniture or other personal possessions, and even checking and savings accounts.

Estate planning is an umbrella term used to describe multiple different documents that help outline your health care wishes, how you’d like your assets and possessions to be distributed and can even name who you’d like to care for your children, dependents and pets.

The reason an estate plan is so important is that without it, your assets can wind up in legal limbo for years. This can put an unnecessary burden on your heirs and other family members who are left to deal with sorting out your finances. Besides making sure your assets get to the people you choose, planning can help minimize income, gift and estate taxes, too.

Every estate plan is different, but the following is a list of some commonly included estate planning documents:

  • Last will and testament
  • Living will
  • Trust
  • Medical Power of Attorney
  • Financial Power of Attorney
  • Life insurance
  • Beneficiary forms

We partner with estate planning professionals who will work with you to ensure your estate is protected and distributed according to your wishes.

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We will help you avoid taxes and legal tie-ups, and ensures funds are bequeathed as you wish. Contact us here or call at 614-760-0670 to get started.

Safe Harbor Wealth Management, LLC, Safe Harbor Wealth Advisors, LLC and Safe Harbor Retirement Group, LLC do not offer tax planning or legal services, but will provide references to accounting, tax services or legal providers. They will also work with your attorney or independent tax or legal advisor.