Everything You Need to Know About Estate Planning & Wealth Preservation

Estate planning is integral to wealth management to protect your assets and ensure your family’s financial security. It involves deciding how you want your properties to be managed and distributed in the event of your incapacitation or demise. While many people may think that estate planning and wealth preservation are only for the wealthy, everyone needs to understand and engage in this process. 


Benefits of Estate Planning for Wealth Preservation

One of the primary reasons why any property owner should know about estate planning is to avoid the potential for family disputes and legal battles. Without a clear plan, your assets may be administered in ways you did not intend, leading to disagreements among family members. 

Additionally, estate planning minimizes taxes and other costs associated with the transfer of properties. Certain types of trusts, such as irrevocable life insurance trusts, provide tax-free income to beneficiaries and reduce the taxable value of an individual’s estate.

Aside from creating trusts, wealth preservation planning may involve the following:

  • Drafting wills
  • Charitable planning
  • Life insurance planning
  • Creating Power of Attorney letters


5 Steps to Estate Planning and Wealth Preservation 

Estate planning an advanced process requiring careful consideration of legal, financial and personal factors. For this reason, wealth preservation planning may overwhelm those who are unfamiliar with the procedure. Keep on reading for our five steps to creating an estate plan:


1. Identify Your Goals

Identifying your goals is the first step in making an effective estate plan. Before you implement any strategies, you must clearly understand what you want to achieve. This involves taking the time to consider your personal and financial objectives. By clearly defining your goals, you can work with your estate planning attorney to develop a customized plan that meets your unique needs. 


2. Gather Important Documents

One of the most important documents you must secure is your will, a legal document outlining who receives your assets after your passing. In addition, you also need to gather financial documents and insurance policies, which may include bank statements, investment account paperwork and life insurance records. Having these papers organized and easily accessible will make it easier for your loved ones to handle your affairs in the event of your incapacity or death. Keeping these documents in a secure location, such as a safe or a safety deposit box, is also essential.


3. Establish Your Directives

Your directives outline your wishes regarding medical care, end-of-life decisions and the distribution of your estate. The most common directives include a living will, power of attorney and a last will and testament. With these documents, you can have peace of mind knowing that your wishes will be followed and your loved ones will be cared for.


4. Double Check Your Beneficiaries

Auditing your beneficiaries regularly is a must when estate planning, especially if you recently experienced significant life changes, such as a marriage, divorce or a birth of a child. This guarantees that your plan still aligns with your wishes and that your assets are given to the right people. Failing to update your beneficiaries can result in your assets being distributed to individuals you may no longer wish to benefit from your estate.


5. Seek the Help of Experts

Estate planning and wealth preservation can be complicated, especially if you have a large estate or a difficult family situation. For this reason, seeking the help of experts is crucial to ensure that your assets are protected and your wishes are carried out according to plan. One expert you can consult with is an estate planning attorney. They can help you create a comprehensive estate plan that addresses your unique needs and goals. They can also assist with drafting legal documents, such as wills and trusts, while guiding you in making the right decisions for reducing estate taxes and avoiding probate.


Make an Exhaustive Estate Plan With Wiles Law

Partnering with Wiles Law for estate planning is wise for anyone who wants to secure their financial future and protect their assets. With our years of experience and personalized approach, our team can help you navigate the complexities of wealth preservation and create a customized plan that meets your unique objectives.


Contact Wiles Law today and start planning for your future.