Founded and headed by Certified Financial Planner professional Bob Bennie, Bob Bennie Wealth Management holds to the highest standards of quality customer service in the financial planning industry. Recognized among Barron’s Top 1000 Financial Advisers, Bob Bennie Wealth Management advises high net worth individuals on retirement planning and estate planning.
Estate planning is something every person should consider. It ensures your assets are distributed according to your wishes after death and that the person or persons you wish to raise your children will actually do so. A comprehensive estate plan will usually consists of more than one component. Here are three essential elements of an estate plan:
- Will
This is a legally binding document that you can draft with an attorney. It defines who will receive all the various assets and property of your estate after death. You can choose who to include as a beneficiary and who to leave out. Without a will, your assets will be distributed by the state according to state laws.
- Power of attorney
This is a legal document appointing an attorney to act on your behalf when you cannot because of incapacitation or some other reason. This person will be responsible for keeping your financial affairs in order and making decisions for you. Without a power of attorney, the court will appoint a conservator to act on your behalf.
- Living trust
This is a legal document with which you can guide the management of your assets before and after death. With it, you can choose who your beneficiaries will be, maintain control of your assets even during incapacitation, avoid probate for assets that are not included in your will, and realize the tax advantages associated with certain trusts.
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