Friday, April 20, 2012

How to Protect Your Wealth - Look Into the Future

Have you ever wondered what the future will hold for yourself and your family ?

There are many that would like to know the future.However, this is not a realistic thought.

The truth is whatever will be will be. The future is not ours to see.

Protect What You Have

To protect our future wealth and the wealth of our loved ones, we must take the proper steps today to ensure a smooth transition to a future generation.

I know this may sound like a morbid topic, but to create true wealth we must ensure it will endure for generations to come. What better gift can you give to a future generation than one of continued comfort and well being.

The more wealth you create, the more important it becomes to protect that wealth. Without proper protection your wealth may become eroded by taxes, inflation or even mismanagement.

Trust Someone

At some point in your life you are going to have to trust someone to carry on your financial affairs once you are no longer able to. Whether it be from illness or your own death, you will not be able to manage your affairs forever. Find someone you truly trust and allow them to carry on for you.

This is a very difficult decision for many, as it gives up a portion of your absolute control. However, it is vital to find the proper person that you can trust without a doubt to do the best with your future wealth.

What To Do

Once you find this person, whether it be a spouse, a child, another relative or even a close friend, there are two thing that must be done immediately.

First, go to a lawyer and set up a General Power of Attorney between yourself and the person you trust. This will enable this person to act on your behalf if you should become disabled and not able to make decisions on your own. A General Power of Attorney is the best as this will allow the person to do anything with any of your assets or liabilities.

The other thing you must do is go to a lawyer and set up your will. Name your trusted person as the Executor of your will in order for them to carry out your wishes. Of course, a will only comes into effect upon your death. It becomes the legal direction as to how to divide your assets and provide for the future of your loved ones.

Don't Wait

The important thing to remember is do it now. Do not put this off until a future date. This could be the most important decision you will ever make when it comes to protecting your future wealth.

Remember, the future is not ours to see. Whatever will be will be. Tomorrow may be too late.

As always, I welcome your comments and suggestions for future topics.

1 comment:

Anonymous said...

Attractive component of content. I just stumbled upon your blog and in accession capital
to say that I get in fact enjoyed account your weblog posts.
Any way I will be subscribing to your feeds or even I
achievement you get entry to persistently fast.
My webpage :: losing weight