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Many people associate estate planning as something they need to do later in life, after they retire or the kids are grown. But regardless of your age, we believe putting an estate strategy in place is an important step to help make sure your family, financial and medical affairs are taken care of if something were to happen to you.
And your financial advisor can help by walking you through the process, helping prioritize your goals and working to coordinate your team of tax and legal professionals.
No matter what age you are, here are a few things you should think about when beginning to plan your estate.
Consider a living trust - For individuals with potentially larger estates, relying strictly on strategies such as TODs or beneficiary designations may be insufficient. You've worked hard to be able to live the life you want, which includes controlling your wealth. A revocable living trust can help you direct how you'd like your assets used or distributed during your lifetime as well as after you pass away. This control may be important depending on your personal and family situation.
Tax control may also become more important. In many states, living trusts are also used as a way to bypass probate, which can save your family the time and expense of these public court proceedings.
These decisions can be complex, which is why we believe a team approach is best. Your financial advisor can work with you and your team of legal and tax professionals to put a strategy in place that meets the needs of you and your family, whatever those needs may be.
Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning lawyer or qualified tax advisor regarding your situation.