5. Develop an estate plan.
Everyone needs one real estate project, whether you have a lot of assets or not. An estate plan controls what happens if you become disabled or die.
If your disability is long-term—and you don’t have an estate plan or have a poorly designed estate plan—the person you appoint to look after your money can only use your money for you. So if it’s your spouse, he can’t use your money for himself, your kids, or anything else. If they do, they can be removed and replaced by a lawyer. Your family would pay large unnecessary legal fees.
If you don’t have an estate plan or it’s poorly designed, your money can end up in the wrong hands. For example, if your child divorces, half of the money you left him and your grandchildren will most likely go to his ex-spouse. Or, if your child is responsible for a serious car accident and is sued, all your money could go to the victim’s family.
These dire situations, and many more, can be avoided with a well-designed and implemented estate plan.
If you tackle each of the above areas before you retire, you’ve done all you can to ensure that you will be well for the rest of your life. Seek advice from a qualified person finance professional and the estate attorney is a great place to start.
It’s up to you to live a happy retirement forever©!
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