1. How would you advise your family members to plan their estates? 2. What concerns could you address through estate planning and what are the

1. How would you advise your family members to plan their estates? 2. What concerns could you address through estate planning and what are the components of a comprehensive financial plan?http://www.youtube.com/watch?v=l8w86PBq594What other tips could you give to someone to help them plan their estate?I have provided an example:How would you advise your family members to plan their estates?The very mentioned of estate planning can be unsettling, especially when it comes to family. The step is to create a will. This a legal document that shows how your estate should be distributed upon one’s death. In order to avoid probate and to keep in control of their finance a revocable living trust must be created. Changes to the trust can always be made on how the distribution should take place. Upon one’s death, the appointed trustee will take over and follow the instructions without having to go through probate. I would also advise them not to make anyone under 18 years as a direct beneficiary of any inheritance. Financial institutions will not release money to a minor. This can be very costly for the child guardian.It is also advisable to check who gets what from the retirement account. Documents for IRA and insurance policies should be examined for the names of beneficiaries, making sure that the names listed on these forms are the people entitled to the money. What concerns could you address through estate planning and what are the components of a comprehensive financial plan?Dying without a Will can be devastating to a spouse and children. Dying intestate (without a Will) allows the state to decide who gets what. This document should be updated periodically to account for major events, such as the birth of a child. Life insurance will create an immediate estate upon one’s death. The family that is left behind can pay off the mortgage, car loans and pay for college education for the kids. If there is, enough money saved that the family will inherit and could be used to pay off debts and fund college education, then life insurance is not needed.Through estate planning important documents such as a Power of Attorney, a release of information form and a living will are created. The Power of Attorney will allow the person of choice to manage the finances and the legal affairs. A release of information form gives doctors the permission to share medical records. A living will on the other hand specifies the medical treatment you do or do not want during your last days.Another major concern is avoiding probate. This will save time and thousands of dollars in legal fee and expenses. It also avoid your personal information appearing on public records.Setting up of a trust is also a critical aspect of estate planning. This will also alleviate probate, fees, and public airing of your business. By creating a revocable trust, you can remain in control by naming yourself as the trustee. With estate, planning you can choose burial or cremation. This will reduce price as well as family headaches and arguments as to what you wanted. What other tips could you give to someone to help them plan their estate?The components for a financial plan focused on six main areas: budgeting, liquidity management, financing, protecting assets and income, investing, retirement and estate planning.Budgeting will determine how much money you will have at the end of the month and what will be invested in assets. It will also will look at cash flow and shortages.Managing liquidity can assist to cover deficiency. Liquid assets such as checking, saving and money market accounts will have cash to cover cash shortages.Personal financing will allow purchases to take place without having the full amount of cash, such as the purchasing of a house or car.The purchasing of insurance such as casualty insurance, health insurance and life insurance could protect against unexpected events that could reduce income or wealth.Managing investments would help to maintain your goal of financial independence. Review investments and identify if they are meeting your goals. Examine your main choice of stocks, bonds, and mutual funds. Are they income-producing stocks, bonds?Look at the specific risk associated with these investments, are they still in line with your financial goals.Retirement and estate planning can ensure that you have sufficient funds, so that a comfortable standard of living can be maintained at retirement.

How would you advise your family members to plan their estates?Estate planning is very important for each and every family and one start the task as one hasaccumulated measurable asset. We have…