June 6, 2025
Estate planning involves determining what happens to your assets after you pass away or if you become unable to manage them.
Many people believe they don’t need estate planning because they think they don’t have an estate. Or they assume their estate isn’t valuable enough to worry about taxes or legal battles. But here’s the truth:
If you own something of value that you would pass on to someone else upon your death, you have an estate. Whether you know it or not, you already have an estate plan. However, the state has one for you (and it’s rarely the one you’d choose).
Your estate includes everything you own. This can be savings accounts, retirement plans, a home, a car, or a beloved family heirloom. And without a plan, those assets could end up in probate court, delayed or distributed contrary to your wishes.
Estate planning is a process that requires legal documentation and careful planning.
This is the legal document giving directions on how to distribute property according to your wishes. It also names an executor to take charge of that process.
Another flexible legal instrument used during a person’s lifetime to manage assets. The trust distributes the assets privately after the individual’s death, usually to avoid probate. Still not sure, find out more here.
In the event one cannot manage their own financial affairs, a person is named to do so.
Outlines medical care decisions and healthcare proxy.
Ensure that the life insurance policies, IRAs, and 401(k)s pass to the right persons; these would usually supersede your will.
When you’re developing a plan for your estate, it is important to understand your entire financial picture. That’s where Globalinvest FS comes in; we coordinate your investment strategies. This way, your plan will show your wishes for your legacy.
If you die without a will (intestate), state law decides how your assets are distributed. That often leads to:
Remember, the government’s version of your estate plan may not cover minor children, charitable donations, or long-term care wishes.
An estate plan includes how to gather, protect, and share your assets. A good plan will enhance and maintain the financial security of individuals and their families.
Estate planning is not just for the wealthy or the elderly. You need an estate plan if you:
Here’s the deal: If you own something worth passing on (like cash, an old guitar, or your vintage comic book collection) congrats, you have an estate!
And like it or not, the law already has a default plan for it (hint: it’s probably not the one you’d pick).
Your estate plan should evolve with your life. Review it when:
Keeping updated helps your plan match your wishes and reduces surprises for your family.
We provide expert financial advice to both individuals and businesses. With over 30 years of experience our portfolio manager will ensure that you’re always getting the best guidance from the top people in the entire industry.
