Things are going along swimmingly in your Jersey City/Hoboken area condo, right? You have it decorated just the way you like it. Your investments are going well, also. In fact, you’ve acquired quite an impressive portfolio. Several valuable pieces of real estate are yours, too. Maybe it’s time to relax. You may even consider retirement.
One thing to do before retirement, or even before you are old enough to consider retirement, is estate planning. You don’t have to have a morbid fear of or obsession with death to plan your estate. It is simply the best way of ensuring that what you have worked so hard for is handled the way you want it handled after all.
There are many advisors who are competent to help you plan for the disbursement of your estate. It is wise to remember that if you don’t plan it, and make your plans explicit in a legal sense, some probate judge will do it after you’ve gone. A long hard legal battle could be the result.
Only you know what sort of responsibilities your children are equipped to handle. You know which, if any of them, can take the reins of a business you may have founded. You alone know which charities you are willing to support. If your children are still young, a trust fund may be in order, with contingencies provided for when you outlive their childhood.
If your estate is a particularly large one, there may be properties to distribute. If this isn’t spelled out legally, these properties could become somewhat of an albatross to your heirs. They will not have the authority to do anything with them until the estate is settled in probate. This could take years if there is a relative out there that needs to be found, or, once found, convinced to sign off on the findings of the probate judge.
Once you get expert help in planning your estate, making sure the executor or executrix is completely trustworthy, you will be able to relax and enjoy that retirement you’ve earned. Your family will certainly thank you for it in the end!
Have you planned your estate?
Edward