Protect Your Family's Future

Your first step should be to seek guidance from a qualified financial planner. You have to understand in detail what your net assets are, all your current assets and what assets you may have in the future. In your life.

Secondly, you need an updated request or trust (I'll write more about trust in a future article). Note that if you already have a will and have moved to another state, the rules for that state may be different, so you need to make sure that your will is accurate for the state you are in. Create, However, a will requires that you assign your assets so that the will can pass a will. The will is a legal procedure that requires:

• Confirmation of the will of the deceased. 

• Pay all debts and taxes arising from the deceased. 

• Inventory of all assets. 

• Assign the property/assets to the heirs as indicated by the will.

 If you have no “untested” will or death, the assignment of your assets is governed by the laws of the country in which you reside. There are default laws that determine who receives your assets. At this point, the family has no control.

Next, you should have a durable power of attorney. From young adults to young people with a young heart, each person 18 years or older must have a lasting power of attorney and a health agent. In fact, your family doctor should ask you to provide your health care agent in the event of an emergency. These documents allow you to choose someone you trust to manage your financial assets and make critical medical decisions when you can't. 

Finally, you need to update your beneficiary designation forms, which we fill out when we first start a retirement plan, purchase life insurance, or develop a will. As we all know that life changes, we need to make sure that our assets are distributed in the way we approve. Doing this in a while and now will be a good time to complete your update.

So when's a good time to start? Now, of course! Remember that you never start planning too soon.