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Everyone can benefit from the estate planning process, no matter how old or healthy they are. Life is unpredictable, but by being proactive, you can gain control over the future and enjoy peace of mind in the present. The team at Galvin Realty Group, Inc. has helped residents in and around Rochester, NY, through the estate planning process since 1987. Here, they explain how it works and why it matters.

The Ins & Outs of Estate Planning

estate planningPrimarily, the estate planning process requires individuals to sit down and go through everything they own. This includes your home, car, savings, retirement account, life insurance, and personal possessions. The planner then writes a will or living trust declaring how they would like these items distributed after their death. For example, you may want to have your house sold and the proceeds split evenly between your children. You can also establish who will take custody of your dependents and manage their inheritances. In some cases, individuals choose to write instructions for their care or fiscal management should they become disabled before death.

The Impact of Estate Planning

Many people overlook estate planning, either because they think they are too young and healthy to worry about it or don’t have an estate large enough to justify it. Unfortunately, the families of these people suffer the consequences when their loved one passes. The state has processes in place for handling the estates of people who have passed without legal instructions. In this case, asset management is up to the courts. This could cost your family thousands of dollars or appoint your children to a guardian you’re not comfortable with. In addition to ensuring your wishes are met and your loved ones are taken care of, an estate planning professional will help you avoid excessive fees and taxes, leaving more of the estate’s value to your loved ones.

It’s never too early to start preparing for the future. Contact Galvin Realty Group Inc. at (585) 546-1290 to schedule a consultation with one of their estate planning and property management team members. They can guide you through the process, helping with everything from property tax services to planning a smart sale.

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