(NC)-Estate planning is not the most exciting of financial topics, but this kind of documentation is an important component of your overall investment strategy. There’s no time like the present to make sure that someday your assets will be harmoniously distributed to your beneficiaries.

“Estate planning is much more than just putting a will in place,” says Nick Spencer, regional manager and Certified Financial Planner with Altamira Investment Services. “It’s the complete package of how you’ll provide for your family and loved ones, as well as how you’ll transfer and preserve the value of your assets when you pass on. Estate planning also takes into account your need for trust funds, powers-of-attorney, child guardians, as well as special concerns like business succession if you are a business owner.”

When you’re ready to put an estate plan together, a financial advisor is an essential part of the process. He or she will help to:

. Sort out your assets and liabilities

. Determine the value of the properties you own

. Evaluate your personal possessions and savings

. Evaluate all business interests you may have

. Connect you with a lawyer for a will and power-of-attorney

. Determine the best way to preserve and transfer your assets to your beneficiaries in a tax-wise manner.

Planning is vital, but situations can change. Children are born. Relatives die. Marriages begin and end. Property fluctuates in value. For all these reasons, you should review your estate plan at least every few years to make sure each component is still up to date. More information is available online at altamira.com.

Credit: www.newscanada.com

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