If you know the basics of estate planning, you will be aware that the sole use of a will is often not the most efficient way to distribute assets at the end of your lifetime. Assets mentioned in a will shall go through the probate process, which is not the most cost and time-efficient way to distribute your wealth.
Making an estate plan is a good first step, but it is just that: a first step. Don't think that you're done for good. You still need to update that plan frequently to make sure that it's ready if your family ever needs it.
If you are starting to think about the future of your business after your lifetime, you will likely be feeling a mixture of emotions. On one hand, planning for the end of your life can be an emotional thing to reflect on. However, at the same time, thinking about your legacy and the hopes and dreams you have for your loved ones can be a very uplifting experience.
One of the purposes of estate plans is to provide the estate planner with peace of mind regarding how all of their affairs will be dealt with at the end of their life. One aspect of a person's life that has become more prevalent in recent years is their social media presence and digital assets.
Taking action to plan your estate can require a great deal of forethought and reflection. It's not easy to think pragmatically about the distant future and make plans accordingly. Additionally, thinking of a time when you are no longer able to make your own decisions can be a tough emotional exercise.
Many people plan for the transfer of assets to their loved ones when they die but fail to plan for one of the most important assets of all: real estate.