Estate Planning – Some Points to Consider

Estate planning is nothing but a fancy term for deciding what will be done with your stuff once you’re gone. While it’s scary for some people to think about death, it’s always a good idea to begin estate planning right now. When you’re no longer around, your property will be divided among your family, but if you have already planned who will get what, they will have an easier time in dividing the assets.

Your will

Your will dictates who will get what once you’re gone. Although planning a will is a simple task, you need to be thorough with your assets. Keep in mind all the bank accounts and deposits so that everything is included in it.

After the reading of the will, it will take about six months for your assets to be divided. This is called the probate period and it lasts for at least a couple of months. If you want your assets to be quickly transferred, you can set up a trust instead.

Trusts

You can create a living trust and include money and assets in the trust. You can enter a beneficiary name in the trust and they will get everything once you’re gone. And if you want to give something to charity, you can set up a charitable trust too. You are allowed to open up several trusts depending upon the number of heirs you have. You can talk to an estate planner to make sure everything is allocated in the right way.

Keep in mind that like your estate, your taxes can also be inherited. If your estate is subject to taxes, your heir would have to bear the burden. This might force them to sell the estate to pay the tax. You can talk to your lawyer and find a way to shield your estate from tax burden. This way, your family will not feel the tax pressure when you leave them your estate.

 

Call Beloit Auction for additional information