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July 2024

An estate

What is an Estate Plan and When Should You Get One?

By Uncategorized

At American Wealth Management, we understand the importance of financial security throughout your life. Part of that security involves ensuring your wishes for your assets are carried out after you’re gone. An estate plan is a cornerstone of this process.

What is an Estate Plan?

An estate plan is a comprehensive set of legal documents that outlines your wishes regarding your property and assets. A core element is typically a will, which specifies who will inherit your belongings. You may also consider a trust, which can be a valuable tool for minimizing taxes and managing assets for your beneficiaries over time. An estate plan can also designate trusted individuals to handle your finances and healthcare decisions if you become incapacitated.

Why is Estate Planning Important?

Estate planning protects the money you’ve worked for. By taking steps to minimize taxes and manage your estate efficiently, you can maximize the amount your loved ones inherit. It’s more than just about money, though. An estate plan allows you to leave a lasting legacy.

Here’s how a well-crafted estate plan offers significant benefits for you and your loved ones:

Makes things easier for your loved ones

During a difficult time, a clear estate plan avoids confusion and potential arguments about your belongings. Knowing your wishes are laid out can give you peace of mind.

Keeps the family happy

By specifying who gets what, an estate plan can help prevent disagreements among your family members.

Protects your money

Estate planning strategies can help you minimize taxes and get the most value out of your estate for your loved ones.

Leaves a lasting legacy

An estate plan allows you to donate to charity or distribute your assets according to your values, ensuring your wishes are carried out even after you’re gone.

Making a plan for estate (everything you’ve earned and accumulated in your life) can give you peace of mind and makes things so much easier for your loved ones.

When Should You Consider Estate Planning?

So, when is the right time to draw up an estate plan? While everyone should have an estate plan, certain life events are good reminders to create or update yours.

Life milestones:

Getting married, having children, or buying a home are all times to consider estate planning.

Financial changes:

If you experience a big change in your finances, like inheriting money or starting a business, you might need to adjust your plan.

Health concerns:

If you have any pre-existing health conditions, having an estate plan becomes even more important.

The key to getting the most out of an estate plan is not to wait for a crisis. Taking a proactive approach to estate planning now can save your family time, money, and stress in the future.

How Can American Wealth Management Help?

At American Wealth Management, our team of experienced financial planners can help you create a customized estate plan that reflects your personalized goals and circumstances. We work to minimize tax implications and ensure your assets are distributed according to your wishes.

Schedule a consultation with American Wealth Management today. Let us help you build a secure legacy for your loved ones.

Sign up for a free consultation with American Wealth Management.

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Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.