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Having overseen insurance and annuity agents in Tennessee and Florida, Chester “C. Edziu” Pacana now serves as a 403(b)/457 agent and financial consultant at Appreciation Financial in Tennessee. Historically, he has presented workshops on retirement planning for federal employees and nurses. Moreover, Chester Pacana has extensive experience advising high-net-worth clients on conservative wealth management strategies.
One of the most important estate planning steps you can take is writing a will, which allows you to determine important details, such as how your property and assets will be divided and distributed, who will serve as the will’s executor, and who will serve as guardians of any minor children. If you neglect to make a will, these decisions will fall to the court system, and your assets will be tied up in a lengthy probate process.
Everyone should have a will, but not everyone needs a trust. While trusts are similar to wills in allowing you to dictate the division of assets, they also allow you to avoid probate and outline your vision for long-term asset and property management. While trusts can be useful for high-net-worth individuals to manage and distribute assets, the tax laws and requirements surrounding trusts are complex and usually require the guidance of a wealth management planner.
One of the most important estate planning steps you can take is writing a will, which allows you to determine important details, such as how your property and assets will be divided and distributed, who will serve as the will’s executor, and who will serve as guardians of any minor children. If you neglect to make a will, these decisions will fall to the court system, and your assets will be tied up in a lengthy probate process.
Everyone should have a will, but not everyone needs a trust. While trusts are similar to wills in allowing you to dictate the division of assets, they also allow you to avoid probate and outline your vision for long-term asset and property management. While trusts can be useful for high-net-worth individuals to manage and distribute assets, the tax laws and requirements surrounding trusts are complex and usually require the guidance of a wealth management planner.
