What about the bends and bumps?
Some people buy into the idea that you can't take it with you. In other words, you might as well spend your money and enjoy it while you're alive. There is one problem. It is that this lack of planning doesn't account for the ups and downs most people experience throughout their lives. What if you lose your job, get sick, or have to care for an ailing loved one? What if you get in a terrible accident that leaves you unable to work? What if your business fails? What if you pass away unexpectedly?
There's nothing wrong with enjoying your life and all that the world has to offer. However, as a responsible adult, you also need to have some protections in place to account for the unexpected. Here are just a few forms of asset protection and financial planning that everyone should have in place.
At some point, you're probably going to want to stop working. Maybe you’ll be forced to retire due to health concerns. These can keep you from doing the things you once did, physically and/or mentally. Either way, a retirement plan will ensure that you have money coming in to pay the bills. This is so, even after you've stopped earning an income. You should consider contributing to a KiwiSaver scheme, so you can build in that comfortable lifestyle you will be wanting in retirement.
In some cases, protecting your life has more to do with protecting your loved ones. For example, it’s best to create a family home trust when you have a business. It will ensure that creditors can't come after your family home. This is for your own protection. It’s also for the benefit of a spouse and/or children. Life insurance is designed to provide your loved ones with money. It will cover your end-of-life expenses, at the very least. Additionally, it can substitute for your income for a while once you're gone. This depends on the policy you take out.
Will and Trusts
A last will and testament is put in place to ensure that your wishes are known and your loved ones are looked after. Thus, they don't have to try to figure out what to do with all your stuff. Family trusts, on the other hand, protect your assets during your lifetime and beyond. Therefore, you can continue to use them and make it easier. It will also be less expensive to pass them on to beneficiaries later.
So why not learn more and register with TrustUs today.
After all, it's in your hands.