Estate planning is a crucial part of overall financial planning. And yet, people often dismiss it because, well, no one wants to face their mortality. In addition, death and money are two very difficult and awkward topics among most families. But, if you are a long-term thinker, and especially if you have first-generation wealth, we can’t stress enough the importance of estate planning. To start, think about the following questions: what are your assets & liabilities? Who’s going to receive what? Who do you want to protect? Share your thoughts with loved ones. Some of the basic estate planning documents are: last will and testament, living will, POA for finance and health, burial instructions, trust, etc. Dan added one more thing: what about your digital assets? Consider that as well, especially for younger generations. Estate planning is not just for the “old and rich”. You should start thinking about it; the sooner, the better. It will not only help you preserve your legacy but also prevent your loved ones from suffering difficult decisions when they are mourning the loss of you.
