As Benjamin Franklin put it, “nothing can be said to be certain, except death and taxes.” Death is inevitable, and we all know this. Most people despise thinking about it, myself included, but we should all have a plan in place for when it happens. You have the power to control how your legacy is left behind and the ability to ease the burden on your loved ones when you go.
Through planning, you can minimize expenses, choose a representative to wrap up your affairs, nominate guardians for your children, create trusts now or have them created upon your death, and decide how and when you want to dispose of your assets. If you have children and do not want them to squander the wealth that took you a lifetime to build up, you can delay giving them outright control of the assets until they reach a certain age while still making money available for things such as health, support, education, and a down payment on a home. At the very least, you should put a simple plan in place rather than leaving it up to chance.