How estate planning works with your financial plan
Of course, there's your will — a set of instructions that tells your family who should get what and can name a guardian for any of your children under 18 years old (if necessary). You should create documents to designate who should make financial and medical decisions if you can't make them yourself. But that's just part of it.
Your Northwestern Mutual advisor can help you coordinate your estate plan with your other advisors like attorneys, accountants, and tax professionals to do things like set up trusts, minimize estate taxes and administrative costs, protect your estate from mismanagement, and more. You can even talk with them about how to minimize taxes paid on the inheritance you leave behind.
Estate planning can help you:
- set up trusts for your kids.
- divide up property.
- direct charitable donations.
- reduce your estate's administrative costs.
- eliminate or reduce gift and estate taxes.
- protect your estate from mismanagement.
- protect your estate from the claims of creditors and exes.
The shortest known wills are only three words long, reading "all to son" and "all to wife."