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What do I need to think about when protecting my family?

 

We're not talking about installing a home alarm system

 

Or speaking to your kids about stranger danger. However, these safety precautions are certainly important. What we're talking about is protecting the future of your family through the use of legal devices. This includes a last will and testament and family trusts, for example. These legal steps can help you in the way of estate planning. Also, they provide an opportunity. You can make your wishes known when it comes to assigning power of attorney should you become incapacitated. Doing so, will let loved ones know how you feel about artificial life support, or making plans for your funeral. Make these decisions ahead of time. Therefore, your family members won't have to. Naturally, you can protect your assets and your family's inheritance in the process. Here are a few things you should be thinking about when it comes to appropriate financial planning.

 

Asset Protection

 

It doesn’t matter what your assets amount to. You want any accumulated wealth to go to your family when you die. At the very least, you can set up a family home trust. This will ensure that creditors don't eat your family out of house and home, so to speak. You should also consider placing both tangible assets (jewellery, art, etc.) and funds like retirement accounts, life insurance, and other monies into a trust structure. Thus, they won’t be subject to probate cost. They aren't a matter of public record and are handed over to beneficiaries more quickly. Additionally, they're less likely to get tied up with challenges.

End-of-Life Costs


There will be a time when your loved ones are grieving your loss. The last thing you want is for them to have to cough up the dough for your end-of-life expenses. Making your own funeral arrangements can relieve the burden on your family during this stressful time. This is especially true when you cover the costs in advance. You should, at least, set aside a rainy-day fund that a spouse or children can draw on.

 

Lost Income


If you are a pivotal provider in the household, your family will miss your income when you're gone. With proper planning, you can protect your family from this outcome and the hardships it may present. You can set up family trusts or take out a sizeable life insurance policy (or both). You should think about how you can best protect your family. That is the case for during your lifetime, and when you're no longer around.

 

So why not learn more and register with TrustUs today.

After all, it's in your hands.