HOW TO PROTECT YOUR LOVED ONES

5 Important Steps to Protect Your Family

You know that uneasy feeling when you think about what everyone you love would do, if (and when) something happens to you? We hear it all of the time from our clients and our own families. Gently reminding them about creating a will or trust or updating the estate plan they currently have?

It’s time to stop pushing those thoughts aside and answer the question “How to Protect your loved ones?”. Many people avoid estate planning because they think it will be complicated, expensive, too time-consuming, or emotionally challenging. But the truth is, not having a plan, or having an out-of-date plan, is far more costly – financially, emotionally, and time-wise – for the people you love.

Here are five steps you can do to protect your loved ones:

Step 1: Get Financially Organized

One of the biggest challenges people face after losing a loved one is trying to piece together their financial life. Where are all the accounts? What insurance policies exist? What bills need to be paid? Without proper organization, your family could spend months or even years trying to track everything down. Worse yet, anything they don’t find will be turned over to the State Department of Unclaimed Property, which is currently $2,444,138,118 in Arizona.

As important as it is, financial organization isn’t just about making lists – it’s about creating a clear roadmap for the people who will handle your affairs when you cannot. This includes documenting all your accounts, insurance policies, important passwords, and key contacts. When your loved ones need access to this information, it should be readily available, updated, and easy to handle.

Step 2: Create a Lasting Message for Your Loved Ones

When someone passes, loved ones often wish for one more conversation, one more chance to hear their voice or read their words. With today’s technology, you can easily provide this meaningful gift—one that will be treasured by those who love you.

This message isn’t just about saying goodbye – it’s about sharing your values, hopes, and life lessons. Think about what you want future generations to know about your life journey.  Some questions may be:

• What wisdom do you want to pass down?
• What family stories, or even recipes, should be preserved?

While you may think “generational wealth” is just about money, the truth is that people who are able to learn from the recorded history of past generations have true generational wealth that’s far greater and irreplaceable than any dollar ever could be. However, do not try to dispose of assets through a recording as there are strict requirements for a video will, just like a written one; and you are likely to create a legal quagmire instead.

Your words will become a treasured part of your legacy, offering comfort and guidance long after you’re gone. This will help you protect your loved ones.

Step 3: Learn About Tax Planning

Many people don’t realize that proper estate planning can help minimize or eliminate taxes their loved ones might otherwise have to pay. Without planning, they could lose a significant portion of their inheritance to estate taxes, income taxes, or capital gains taxes.

Strategic tax planning isn’t about avoiding your obligations – it’s about ensuring more of your hard-earned assets go to the people you love rather than the government. Working with a trusted advisor who understands both estate and tax law can help you identify opportunities to protect your loved ones’ financial future. Make sure that your assets are also protected.

Step 4: Plan Your Final Farewell (and Your Last Days)

While it might feel uncomfortable to think about your funeral, planning and paying for it in advance is one of the most loving things you can do for the people you love. When you’re gone, they will be grieving and may need some assistance to navigate through the hard time. The last thing they need is to make difficult decisions about caring for your body and your funeral with no written instructions.

By planning ahead, you not only ensure your wishes are honored but you also protect the people you love from emotional overspending during a vulnerable time. You can choose and pay for exactly what you want, locking in today’s prices and relieving your loved ones of this financial burden. It often falls on the family members to pay for this, as they don’t have immediate access to your funds.

Even more importantly, consider how you want to spend your last years, months, or even days and discuss that with the people who will be responsible for your care now. This could be a conversation we can help facilitate if bringing it up or even thinking about it alone feels too challenging or if you keep putting it off. This courageous conversation is one of the best gifts you can give to the people you love.

Step 5: Create a Comprehensive Estate Plan

All these elements come together in a comprehensive Estate Plan that we customize for each client. Answering your questions along the way and helping you decide what is most precious to you and your loved ones.

How We Help You Get Started

As an experienced estate planning law firm, we help you create a lasting legacy, implement smart tax strategies, and organize your finances. We’ll ensure your loved ones are protected from court and conflict, all while aligning your plan with your values.

We offer Free 30- Minute Meet and Greets. Please feel free to call our office  at (480) 525-6244 or email to info@bizestatelaw.com.