Estate Planning: a topic worth discussing

Though it may be a difficult topic to discuss, planning for your eventual passing and discussing it with your loved ones can help them more easily cope with the financial, administrative, and familial tasks. Discussions can help alleviate potential sticky situations, like if one sibling inherits more than another for a particular reason.

And since detailed estate planning can sometimes be a lengthy process, ranging from two months to three years, the earlier you start planning the better.

It is also recommended to review your plan every three years. Use your electronic calendar to set up an email reminder every three years – and since a lot can change in a year, a one year reminder would not hurt either.

To prevent the stress and/or conflict among beneficiaries, “education is one of the best ways to avoid overwhelming heirs in line to receive large inheritances and guarantee their long- term financial welfare… It can be all too easy for beneficiaries without any financial acumen to make poor investments” (MacGregor, 2015).

So once planned, early discussions with family about beneficiaries and financial education are both great ways to ensure a smoothly dispersed plan when the time comes.

Begin discussing or reevaluating your estate plan with Burton and Associates LLC. We are conveniently located just south of Birmingham at 3410 Independence Drive, Suite 200. Or visit our website for more details. We have thirty plus years experience in helping individuals and families establish proper estate plans.

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