Estate Planning
Estate planning is about the life of your family and loved ones and the peace of mind you get from helping to preserve their financial security.
Estate planning allows you to:
- Provide adequately for family members and other loved ones and gain comfort from knowing that they are well looked after.
- Ensure that your estate is distributed in the most timely matter after your death and feel secure knowing that settling your affairs will not add more stress to those grieving for you and
- Minimize taxes - during your lifetime and, equally important, for the beneficiaries of your estate.
The first step in the estate planning process is preparing a will. A will is a legal document that provides explicit instructions on how your assets are to be passed along to your beneficiaries. If you die without a valid will, someone you don't know will decide who gets your assets and who looks after your children. Review and update your will regularly.
Life Insurance is critical to estate planning. Proceeds from a life insurance policy which are tax-free can be used to replace income, pay off a mortgage, protect your business, pay estate expenses and taxes and to leave an inheritance.
Disability Insurance provides you with monthly payments when an accident or illness causes you to be disabled and unable to work or earn an income. Most people are unaware of the startling disability statistics. The odds are far greater that a person will become disabled in a given year than he or she will die.
Critical illness insurance is a relatively new form of protection that provides a lump sum benefit while you are still alive and become critically ill.
© 2009 Ridgedale Financial | Partner of Dream Team Financial