Benefits of Legacy Planning
Planning how your wealth will be distributed once you are not here to enjoy it is something that we normally do once. It may seem like a daunting process or even a taboo. Legacy planning is neither the easiest nor the happiest subject, but it is important to plan to secure your financial peace. So, why is legacy planning important? Well, read through to find out.
Prevents unintended beneficiaries
One of the major constituents of asset planning is stating who will receive which asset. This may be in the form of a stock portfolio, property, or possessions. Without a designed legacy plan, you’ll not have a say on who receives those assets. Without a will, your possessions may cause disputes and unnecessary conflict.
Saves your beneficiaries unnecessary tax burdens
Having a good legacy plan ensures that your beneficiaries get the most out of any wealth or asset passed to them. It’s everyone’s dream to pass on wealth with the lowest tax possible. By planning, you’ll be able to ascertain the real value of your property and minimize the tax impact on them.
Prepares for the unexpected
With legacy planning, you can prepare for the unseen event. This can be done by developing an In Case of Emergency (ICE) pack, which your dependents can turn to if the worst happens. By doing so, your dependents will have access to everything, and your wishes will be carried out properly. An ICE pack normally includes your insurances, bank accounts, will, and important contact details.
Avoids family messes
Preventing arguments before they start is one of the reasons why legacy planning is vital. It enables you to select who is in a position to take up your finances and assets once you are not in a position to do so. In this case, you go for a responsible person who will fit perfectly in your shoes. It also gives you an opportunity to make personal plans for each beneficiary of your property. It’s all about accurately delivering your assets and finances in a way you deem fits.
Legacy planning eliminates uncertainty. It ensures that your beneficiaries are taken care of appropriately once you are gone. Preparing for this unforeseen future event will get you enjoying life since you’ll have peace of mind. However, a sad topic: legacy planning is paramount not just for your peace of mind but also for your beneficiaries.
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