Estate planning is for everyone.
Regardless of your income, estate planning is a vital part of your financial plan. Planning ahead can give you greater control, privacy, and security of your legacy.
WHY CHOOSE RNS ACCOUNTING?
We want to make sure you have the support you need every step of the way. So whether you want comprehensive planning support from an advisor we can help.
THE INFAMOUS NOTION
Estate Planning was once a buzz phrase reserved only for the wealthy. Some find the idea of estate planning morbid or negative and prefer to ignore it rather than think about it but this is simply avoidance of the facts of life. Others take a "let’s just get it over with" approach to estate planning; this is also not recommended because errors could be made when creating a "rushed" plan.
WHY IS ESTATE PLANNING IMPORTANT?
Anyone who has assets, no matter how small or wants their medical wishes carried out should have an estate plan. If you have no easily identifiable heirs, the lack of a proper estate plan and/or could/will result you in all your property ending up in the hands of the government rather than in the hands of those you designate. Your life insurance policy may clearly assign the beneficiaries of that money, but it does not account for the other assets you may have, including cash, your home, real estate, car, bank accounts, valuable collections and other belongings.
Without a proper estate plan you could be kept on life support indefinitely, or be forced to endure painful lifesaving procedures that would only serve to prolong a debilitating terminal illness.
THE RNS APPROACH
You will be given information on particulars of estate planning such as how-to properly plan for the future distribution of your assets, how-to establish a power of attorney, create a Will in Testament and prepare a Living Will. We will also cover trust funds, how best to incorporate charitable giving into your plan and how-to take proper inventory of the assets you have now.
It is wise to put a well thought out estate plan in place that you feel confident about, put it aside, and get about the business of living and enjoying your life. It will give you peace of mind to know that when the time comes your assets will be distributed as you desire and your medical wishes will be carried out in accordance with your beliefs. Creating a simple estate plan is much easier than you think and can be done in a relatively short period of time.
What is Estate planning
Estate planning was once a buzz phrase reserved only for the wealthy. However, today many people are beginning to realize that estate planning is important for everyone. Anyone who has assets, no matter how small or wants their medical wishes carried out should have an estate plan.
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Sutha Ratnam from RNS Accounting & Financial Services was very professional and he did an excellent job with filing my taxes. He went over everything in detail and really took the time to explain everything to me. I highly recommend and he will now be my go to guy for any kind of financial services in the future.
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ESTATE PLANNING GUIDE
An estate plan is made up of a handful of very important documents, each with a different and unique purpose. As we mentioned below, some of these estate planning documents let you choose what sort of care you want to receive in the hospital, while others can set up trust funds for your children or decide who will run the family business.
A Last Will and Testament
A Last Will and Testament lets you choose who inherits your assets, select guardians for your children, and name an executor to make sure your wishes are carried out. It's the most important part of an estate plan.
A Living Will
A Living Will, on the other hand, will let you decide the sort of care you want if you're hospitalized and can't make decisions for yourself. For example, some people have strong religious beliefs about being resuscitated and may choose to note those in their Living Will.
A Healthcare Power of Attorney
A Healthcare Power of Attorney concerns the same medical treatment issues, but instead of laying out your choices in a document, you name another person to make those decisions for you. Generally, this is a spouse, family member, or close friend.
A Financial Power of Attorney
A Financial Power of Attorney also lets you choose a trusted agent to act on your behalf, only instead of making healthcare decisions, this person will be handle your finances. For example, you can give them specific access to accounts to help make sure your bills and mortgage stay current.
A Trust allows you to set aside money and other assets for people or organizations. These accounts do not go through probate, which can be a long, drawn out process. That means your heirs will be able to inherit what you want them too, faster, and without nearly as much hassle.
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