When it comes to protecting your family and your investments, your first thought is likely related to your will. However, a last will and testament is only one part of the estate planning process. At Family Financial Partners in Lexington, KY, their dedicated team wants you to look after the welfare of your loved ones. They explain why an estate plan is more than a good idea — it’s a necessity.

3 Reasons You Need to Start the Estate Planning Process

1. Outlines How You Want Your Finances Handled

While a will allows you to identify beneficiaries, an estate plan specifies how your loved ones will receive their inheritance. This is especially useful if you plan on leaving part of the estate to younger relatives and want to ensure they receive the money when they’re old enough to be financially responsible. Your financial planner can identify possible trouble areas and create a solid plan to ensure your relatives receive their designated assets.

2. Provides Instructions Should You Become Disabled

Whether you’re young or old, accidents happen. If you become disabled without a firm plan in place, your family won’t know how you want finances handled or who should have control over your estate. Estate planning lets you appoint someone you trust to manage your assets and act as a power of attorney over your health and final wishes.

3. Eliminates Complications for Families

If you have a family, it’s vital to develop a solid plan for distributing assets among your surviving heirs. Without it, it’s up to the state to decide who receives your property, meaning members of your family may not get the assets you want them to have. An estate plan allows you to outline which relatives receive inheritance, regardless of their blood relationship to you.

If you’re ready to start the estate planning process, contact Family Financial Partners today. Their dedicated staff has over a decade of experience and will work with you to protect the best interests of your loved ones. Learn more about the planning process online, and call (859) 219-1006 to schedule a consultation.

Family Financial Partners does not provide legal, accounting or tax advice.  Estate and tax planning services are provided in conjunction with your licensed legal and tax professionals.