Iris Wealth Advisory, A Registered Investment Advisor Firm
Estate Planning
Contrary to popular opinion, Estate Planning is not just for extremely rich people. It's more about planning for the administration and disposition of an estate, (in an orderly and efficient fashion) which comprises of all the assets of an individual upon his/her death. Legally speaking, an 'Estate' is the "degree, extent, nature, and quantity of interest which an individual has in a real property". This interest could be interest in cash, debt, equities, insurance policies, a business you own and so on.
Estate Planning involves
As a matter of fact, Estate Planning involves writing a will, creating a trust, setting up a holding company, providing a health care directive to your kin, leaving directions for the guardians of your minor children and making sure that your returns on investment (ROI) are settled directly into your Estate, according to your instructions. This process allows you to handle your finances during your lifetime and to manage the distribution of your assets after death. An effective estate planning strategy must include your health care plans and ensure that they are carried out, according to plan, even when you're incapacitated. There are 3 phases in the life cycle of Estate Planning namely: Accumulation (the period of acquisition), Consolidation (the period of preservation), and Transfer (bequeathing to the next generation).
Planning
Planning for what happens to your assets/wishes when you're long gone can seem quite frustrating without adequate help. In fact, thinking about how to plan your estate may bring more questions than answers. Perhaps you feel too young to care for how your assets will be shared, or the reminder of death leaves you uncomfortable. These depressing thoughts may tempt you to put it off and just assume that the whole thing will take care of itself with time. But doing nothing is not a viable solution.
Hiring a competent estate attorney will save your family a lot of stress, time, and money. At Iris Wealth Advisory, we offer quality research to make your estate planning simple and efficient and work with competent partners to ease the conversations and paperwork required to have an effective estate plan.
