When it comes to material things, there’s a famous adage about not being able to “take it with you.” And, of course, it makes sense. Whether you believe in an afterlife or not, there’s no way for us to actually make use of any material objects we’ve purchased or any money we’ve made once we’re no longer in this earthly plane. But once our lives come to an end, our “estates” don’t simply disappear into thin air. They remain behind and your loved ones and relatives will have to contend with how these assets are divided up. This is where estate planning comes into play. But it doesn’t start and end with material assets. Through estate planning, you’re also establishing a plan detailing how your responsibilities will be handled after your death.
And look, we get it. Thinking about our mortality isn’t the cheeriest of topics, but it’s something we all have to contend with at some point or another. As a wealth management firm, The Herrera Group is here to help with all your estate planning needs. We’ve compiled the five most common questions we receive in regards to estate planning.
What Is Estate Planning?
Before we can delve into the nitty-gritty of estate planning, we need to define what estate planning actually is. As its name suggests, estate planning is the act of determining who will receive your assets upon your death or incapacitation. But it goes much deeper than that. Through estate planning, you’ll also be designating who will take care of your responsibilities after the unthinkable happens.
Am I Too Young/Old to Start Estate Planning?
Estate planning is always a good idea. It’s not only applicable when you’re older and want to plan for the time when you’re unable to make decisions on your own. Some people may believe they don’t have enough assets to justify estate planning services, but that couldn’t be further from the truth. Often, the first step in estate planning is creating an inventory of your assets, both tangible and intangible.
Tangible assets, as the name suggests, include any vehicles, homes, or land you may own as well as things such as collectibles, art, antiques, or even trading cards! See, it’s starting to get more interesting, right?
Say you have a large collection of comic books or records that’s been growing steadily for the last few years. Those assets are part of your estate! You can make a plan to have those assets divided up among your loved ones or you could plan to donate them to a local museum.
Intangible assets include your checking and savings accounts, life insurance policies, stocks, and even any business ownerships. These assets may seem more difficult to inventory properly but it’s all perfectly doable. If it seems like too much, or you’re unsure about how to go about it, then keep reading!
Should I Do This On My Own?
Takinginventory of all your assets can seem incredibly daunting but there’s no need to dive into estate planning on your own. This is where wealth managers like the Herrera Group come into play. With our help, you’ll be able to clearly understand the benefits of estate planning. We’ll also provide guidance and listen to your needs or answer any questions you may have. Depending on the complexity of your estate, you may be able to take care of all your needs through online programs.
Can I Adjust My Estate Plan Later On?
Of course! Wills are not set in stone so, as time goes on, you’ll be able to make any adjustments you deem necessary. This also hits on a very important topic. Many people hold off on creating a will or undergoing estate planning because they’re waiting until they feel “ready.” Life constantly changes and, as the years go by, we may have children, get divorced, remarry, or start a business. So it makes sense to wait until everything is settled before drafting up a will, right? No! Wills can be adjusted to your needs or to any changes in your life. No one knows what the future holds but by planning your estate, you’ll rest easy knowing family and loved ones won’t have to worry dealing with the aftermath on their own.
Is Estate Planning Worth It?
Estate planning is the best way to plan for the future. As such, they are invaluable documents that will save your family and loved ones from many headaches in the event of your death or incapacitation. That’s what this all boils down to. It’s the ability to clearly and consciously plan for the future while you’re still able to. When it comes to estate planning, your family should be at the forefront of every decision you make.
Contact the Herrera Group, Today to Learn More!
If you didn’t find the answers you were looking for on this blog, don’t hesitate to contact our team! We’re ready to help you get the most out of your estate planning needs. We’ve been serving the El Paso area for many years and can’t wait to assist you.