When you hear the words estate planning what comes to mind? The word estate is generally associated with real estate. However estate planning is a very important part of life that has to do with where your assets will go after you are deceased.
Let’s break down estate planning. First you need to determine your net-worth. In order to do so fill out the Statement of Financial Net Worth Worksheet. This worksheet is helpful when it comes to figuring out your exact net worth. After finding your gross estate, that is when you need to plan your estate. You will decide to whom your assets will go to and where. For example if you own several stock options you will need to decide where those stock options will go after you die.
There are cons to not planning your estate. Most people assume what they have in life will automatically be handed down to their family after they die, however if you do not have a proper estate plan the state will decide where your assets go. Therefore it is important to know how much your estate is worth and its final destination. To get started with your estate planning in the Phoenix, Arizona area contact Phocus Companies.
