Planning for the future can sometimes feel overwhelming. However, for anyone who has thought ahead, they know that they can reap the benefits later on. When it comes to the health and wellbeing of your family and of your business, there is nothing that you wouldn’t do to ensure a smooth future for all involved. That’s where estate planning comes in.
An estate plan can cover a variety of instances, both definite and possible, when it comes to topics that affect your family or your business. Most often, financial aspects are managed in estate plans. Setting up a will, trust or other plan that would act in instances when the decision maker of these accounts is no longer able to act of their behalf or it could be more of a living trust situation where the accounts act or are set up, to operate in a certain way or to hit certain goals.
Not all things can be set on ‘auto-pilot’ by estate planning, but some can. Others may require human intervention, such as when making decisions in running a business. However, the estate plan can help to layout decisions such as who is in charge, and when. At Levin and Levin LLP, we know how important the future is to the things and people that matter to you.
That’s why having an estate plan in case of unexpected situations or to help things run more smoothly in the long run, is a good idea. While it can’t plan for every scenario, it can help to identify potential issues that could arise in the future and then to plan for them. Estate planning is a way to help plan for the future. Consider it as a means for which to plan for your family and your business.