An article on the Tri State Neighbor website dated last December 26, 2013 details how estate planning is crucial to prevent financial disputes that any surviving kin might raise should something grave happen to the head of a household. Estate planning might not sound important until much later in life, yet failing to arrange for a contingency can leave a vacuum over a household’s assets that many will try to fill in. The article uses a simple metaphor to relay the importance of estate planning:
Sometimes estate planning can be the “green beans” of life.
By that, I mean when your kids were little, if you would have let them, they would have eaten nothing but candy or sweets or whatever they liked; they’d never eat any of the things necessary to stay strong and healthy. You, being a good parent, knew that if your kids didn’t eat their green beans or other fruits and vegetables, your children would die of scurvy. So you made them eat their green beans.
Now, 30 years later, comes the ultimate green beans in life example when again you have to tell your children: “Eat your green beans or you’re not getting any dessert.”
Or, in estate planning terms, you’d say, “Look, this is the way I see how things are going to be fair, and I understand you don’t necessarily agree with me.
It’s painful to imagine leaving nothing behind for your loved ones, hence estate planning is vital to ensure that your family receives its just rewards. A good plan will spare the infighting among siblings, and should clearly communicate the wishes of the deceased. To arrange for this, individuals will need the help of wealth management firms in DC, such as Financial Brokerage Services, Inc.
Estate plans outline how your estate and all your assets will be handled following your inability to properly manage them, whether it’s due to your untimely demise or a mental incapacity. With an estate plan in place, other financial complications can also be avoided, such as probate and estate taxes. It also allows individuals to protect their assets from creditors long after their passing.
To plan for an estate, people can turn to firms that specialize in wealth management in Maryland. These professionals won’t just help their clients arrange for their estates, but can also aid in the planning of financial goals and the creation of investment portfolios. When it comes to matters of finance, individuals should turn to a wealth management company for reliable and sound advice.
(Article Excerpt and Image from Estate planning: The green beans of life, Tri-State Neighbor, December 26, 2013)