Skip to main content

Top 8 Reasons to Develop Your Future Financial Plan Now

Estate plans are beneficial for everyone, no matter your estate's value or your net worth.

It's an important tool to ensure that your loved ones are taken care of after you are gone. A well-organized estate plan or trust makes sure that your assets are distributed according to your wishes, protects your loved ones from financial and legal hardships, and provides peace of mind. Every situation is unique, and the specific ways a trust or estate plan protects your loved ones will vary depending on your individual circumstances, assets, and family dynamics. Our Trust Department specializes in developing a strategy unique to your needs and goals. Schedule a free consultation to learn about your estate planning or trust options.

Request a Free ConsultationLearn About Our Services 

Unsure where to start? Use our Estate Planning Organizer to help with your estate planning journey.

1. Protect your loved ones

Estate planning is not only for the wealthy. It’s for anyone who wants to protect their loved ones and their legacy. Proper estate planning, including utilizing trusts and other strategies, can help minimize estate and inheritance taxes. This translates to keeping more of your wealth intact. Forming a trust allows you to bypass probate as well. Probate is a lengthy and expensive court-supervised process to administer an estate after someone dies. Avoiding probate can save time, money, and keep the wealth transfer private. 

2. You determine how your assets are distributed, not the courts

A trust allows you to specify exactly how and when your assets will be distributed after your death. This can be helpful if you have young children, minor dependents, or want to ensure certain assets go to specific people. You can also set conditions for receiving inheritance, such as completing education or reaching a certain age.

3. Designate who will care for your young children should something happen to you

Incredibly important if you have minor children and often overlooked. Without guardianship designations, a court could rule that your children live with a family member whom you wouldn't otherwise have selected. Determine who is responsible for your children's personal well-being and provide financial security for your young children, even when you're not there.

4. Prepare for complex family situations

Do you have a blended family or complex family situation? Specify exactly who inherits your assets and when they receive them. Developing clear instructions on asset distribution can minimize the risk of disputes and family conflict after your death. 

5. Plan for the future of your farm

Help the farm you have built last for future generations. Ensure a smooth transition and continued success of a family farm. Determine how ownership and management responsibilities are transferred to the next generation. Build in income provisions to pay the current owner and minimize disruptions to farm operations.

6. Business Succession Planning

You've put your heart and soul into your own business. Create a comprehensive plan to set the stage for a smooth transition and ensure the future success of your business. Protect everyone involved by pre-determining successors or trustees to manage your business, and addressing the needs of employees, key partners, and shareholders.

7. Meet your future goals

What is your financial vision for the future...Retire early? Travel the world? Leave a lasting Legacy? Whatever your goal, creating financial plans that align with your values and aspirations can help meet your future goals. Future financial planning allows you to develop strategies for managing debt, protecting your assets for unexpected events and ensure your financial security.

8. Pass on your legacy

Legacy planning is more than just leaving money to your heirs. It’s about passing on your values, your vision, and your impact. Proactive estate planning gives you greater control over your assets, allowing you to express your wishes and values such as supporting a cause, creating a family business, or preserving your heritage.

Our Trust Department specializes in developing a strategy unique to your needs and goals.

Request a Free Consultation |  Meet our Trust Team

  How Can We Help?

Back to Top