Most people not named Kardashian, Trump or Rockefeller may think the terms “estate” and “estate planning” do not apply to them. The reality is that anything you own, such as a home, life insurance policy or 401k, is your estate, and proper financial estate planning is vital in arranging your future and creating peace of mind.
What is Estate Planning?
Simply put, estate planning is determining who you want to receive your assets upon your passing. You can finish a critical element on your estate planning checklist now by not only getting your physical and financial affairs in order, but also by starting burial plans.
Estate planning ensures a life insurance policy includes children, spouses or other beneficiaries. It is equally important to make sure your spouse or adult children are not burdened with stressful decisions such as how to find a cemetery or the type of memorialization you would prefer.
Fiscally Sound Financial Estate Planning
Estate planners will explain that healthy young adults enjoy better life insurance rates than someone in advanced years. You can also benefit financially from making burial plans now. Locking in today’s rates for burial costs protects against inflation and is another item to cross off your estate planning list.
A small business owner might engage an estate planner to arrange for the business to continue operating with the same attention to detail and customer service to protect a legacy or professional reputation. The same person would also want to make sure all burial arrangements are secured to guarantee personal preferences are understood and followed.
For example, if you want your ashes spread in a special location it is best to find out now if your request can be met. There can be restrictions on burial ash scattering, and it would be less stressful to find that out now and determine alternatives rather than leave a loved one the guilt of not being able to fill your request.
Now that you know what is estate planning and how it can benefit you, it’s time to get your financial estate planning checklist in order. While estate and burial planning may seem like daunting tasks, they are necessary considerations that provide a sense of accomplishment and fulfillment. You will feel a sense of relief and security knowing all of the important elements of your life and future are completely addressed, including your final resting place.