In Show 108 – Fast Fix Monday – 5 Tips for Estate Planning originally broadcast on Facebook Live on 2018 we explore this interesting topic.
Today’s episode offers five tips for your estate planning.
1. Take an inventory of your net worth
It will take time to do but you have to keep an ongoing record of what our assets and liabilities are.
2. Determine you will be your beneficiaries
What age do you want your children to be able to access the funds? You can also do things like making sure they have money for schooling or other expenses.
3. Determine who will manage your planning
Do you want a family or friend to do this or should you hire a professional? A big consideration is how much responsibility you want to place on one family member or friend.
4. What type of plan makes sense for you
You don’t want your plan to be overly complicated. Make sure they plan you have created makes things easy for those dealing with your estate.
5. Find a good solicitor
It’s critical to make sure that your wishes are carried out properly that you get a good lawyer to handle the details.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.