Estate Planning

Adulthood brings certain financial responsibilities such as the building of budgets, bank accounts and insurance. Among these responsibilities is putting together an estate plan. Preparing now for the end of your life or for illness may not sound like fun, but it’s necessary. Having a plan for the future can bring you peace of mind and put you on the road to stronger financial security.

Putting the legalities in place will make it easier for your loved ones in the event of a long-term illness or a death. Be sure to conduct thorough research into the specifics of estate and inheritance law in the country where you reside. In general, here are a few things to consider:

Wills
A will is the first step in estate planning and should be at the top of your to-do list. The provisions of your will determine who is going to inherit your property, who is chosen to become the guardian of your children and who will manage your financial affairs in the event of your death.

Trusts
A trust allows you to have more control over the money you leave to someone than your will does. For example, if you leave money to a young child, it can be put into a trust and used only for education, or dispersed once a child reaches a certain age.