The unanticipated threat caused by COVID-19, which is still far from ending, has questioned our mortality and made us realize that anything can happen anytime. So, we must be prepared for the unexpected.
How to Prepare for the Unexpected
The preparation should involve a successful transfer of assets and estate to your loved ones in case of your demise. This is known as estate planning, also referred to as legacy planning. Irrespective of the name, this involves undertaking careful planning on how you transfer your assets to your loved ones.
Successful estate planning requires consultation with a legacy planning lawyer in Hawaii, who will listen to your needs and create a plan that ensures that your estate goes to who you want and how you want it bequested after your demise.
Read on to know the importance of estate planning in today’s world.
Why go for Legacy Planning
A recently survey reported less than forty percent of Americans have a Will in place at the time of their deaths. The good news is that this percentage increases as its moves up in age groups. When a Will is not in place, it can leave crucial decisions solely in the hands of the government. This may undermine how you would like to pass along the assets to your heirs.
With legacy planning (including the drafting of a Will), you can be sure that all your assets will be distributed as you want them to after your demise. Creating a Will alone can accomplish this; however, legacy planning can also involve the creation of Will substitutes, such as Trusts, as a better way to see your assets distributed according to your wishes.
Legacy planning can also protect your heirs from financial risk. This may involve purchasing a life insurance policy, so that your estate has additional financial protection for your loved ones. This is particularly important when you have children or other family members who depend on you for financial support.
Takeaway
If you are thinking about your Hawaii estate plan, consider contacting us for a free consultation for more information.
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