Assets and asset distribution are the foundation of any estate plan. You want to make sure that your financial goals after death are met. You also want to ensure that your heirs are taken care of according to your wishes.
Deciding what will be done with your assets by creating an estate plan ensures your goals are met.
Perform an Asset Inventory
The first step in creating your estate plan, is to know everything that you have. This includes any liquid assets (cash and bank accounts) as well as other things such as:
- Real estate
- Retirement Accounts
- Stocks and other business investments
- Insurance Policies
Decide Where You Want Your Assets to Go
Now that you have taken stock of what assets you have, it is time to decide what you wish to do with them. You also want to consider who is going to be in charge of carrying out your last wishes.
Remember to have discussions with your heirs so they are not surprised after you are gone. This can cause undue conflict and stress on them.
Consider Legal Assistance
The larger the estate, the more complex it is to handle your assets. Legal assistance can help with things like tax law, setting up a trust, protection of your assets from other fees and making sure that you are up to date on all estate laws.
