Estate planning can have a lot of moving parts to it. You want to get a head by considering all of your options and making sure that the legal details are handled. Here are some things to consider when you are planning your estate.
Have a Will
A will is one of the most important parts of estate planning. Without it, a condition known as “intestate” can happen. You may add costs and effort for your heirs at a time when they may not be well prepared to handle it. Even if your assets are handled by a trust, there may be others that are not; a will specifies where the assets will go.
Consider a Trust
A trust is merely a legal document that puts terms and conditions on when and how your assets will be distributed. They can help lower taxes put upon your heirs. A trust can also reduce the costs and time involved with the distribution of your assets.
Have Discussions about your Estate Planning
Having an upfront discussion with your heirs can eliminate any conflict after you are gone. Try to eliminate this as best you can by informing your heirs what your plans are.
Have an Inventory
Know what assets you have before you plan where they go. Remember to consider everything including real estate, investments, retirement savings, insurance policies and other business interests.
Have a Plan
Even if you think you do not have enough for a plan, consider having a basic estate plan in place. It ensures that your family and your financial goals after your death are taken care of.
