Importance of Estate Planning

Series Summary

Every individual has an estate when they come into the world and they build up their assets and their family unit as they go through life. It's important, from a governmental point of view, to make sure that all one's affairs are arranged in order to benefit oneself and one's family. The government taxes various assets and income streams throughout life, and if one arranges their affairs in the proper order, that is to say, to do estate planning, they will benefit by having a higher maximization of assets. The most important partner next to a good financial planner in doing this is an estate planning attorney, who will get wills and other financial instruments in order. In this free personal finance video series, a Registered Financial Consultant (RFC) will give helpful information on estate planning. Learn about estate planning software, documents, worksheets and techniques. Living trust or will? Get tips on avoiding probate, asset protection, final disclosure and conflicts of interest. Learn about estate planning costs, laws and attorneys.

Video Transcript

"This is financial advisor, Patrick Munro, talking today about the importance of estate planning. Every individual has to have an estate when they come into the world, and they build up their assets and their family unit and go through a time-line called a life; you end up with having something. It's important, from a governmental point of view, to make sure that all your affairs are arranged in order to benefit you and your family. The government taxes various assets and income streams throughout life, and if you arrange your affairs in the proper order, that is to say, to do estate planning, you will benefit to have a higher maximization of assets. The most important partner next to a good financial planner in doing this is to work with a a an estate planning attorney, who will get your wills in order, and your financial instruments in order as well, so that you can pass through, and avoid probate; whereby, the government will tax your assets at death. So it's a process that you should work with financial professionals to get an estate planned together. That is very important to do, and that's what we're talking about today; is the importance of estate planning. I'm financial adviser, Patrick Munro."