By Sydney Sekese, CFP® professional and member of the Financial Planning Institute
In a couple of days, many Christians will be celebrating Easter Sunday, this being a day of Jesus Christ’s resurrection as written in the Bible. Legend has it that the Easter bunny lays, decorates and hides eggs as they are also a symbol of new life. We can learn a lot from the Easter bunny who had the responsibility to those she loved. This approach of hiding and taking care of the eggs could be likened to estate planning in human beings.
The primary purpose of an estate plan is to help you examine your financial needs and assets in order to make sure that your heirs are provided for in the best possible way, including lifetime planning as well as disposition of property at death.
An estate plan begins with a will or living trust. A will provides your instructions and is a legal document that states to whom you want your assets to go after your death. A will is one of the key documents in attaining financial freedom. It is amazing how many people die without having made a will. This legal document provides comfort and has the following attributes and benefits:
- It allows you to appoint heirs of your choice
- It allows for the nomination of a guardian for minor children
- It enables you to make provision for a trust to be set up for the protection of the inheritance of minors
- It includes the nomination of an executor and trustee of your choice
- It is the cornerstone of your estate plan