Showing posts with label estate planning attorney. Show all posts
Showing posts with label estate planning attorney. Show all posts

Wednesday, November 3, 2021

How to Prepare to Pass On Your Legacy and Assets

It is a sad fact of life that we all must one day pass on. Planning for your legacy and assets is important to ensure you have the right people in place to carry out your wishes. 

If you're not sure where to start, this article offers some advice about preparing for passing on what matters most.

Consider Leaving a Will


A will is a legal document stating not just how your assets should be distributed after you pass on, but also discusses animal care and even child guardianship. 

It is an important document that will allow your friends and family to adequately mourn your death without having to worry about all the loose ends because you would have already dealt with that for them.

Create an Estate Plan and Gather Important Files


An estate plan outlines what happens to your assets and property when you die, including appointing the executor of your will and naming beneficiaries for insurance policies, bank accounts, and retirement plans

This allows for the smooth transfer of your assets and often prevents unnecessary taxes upon your loved ones. Make copies of all vital records such as birth certificates, marriage licenses, and passports so they can easily be retrieved by family members in case there's a need for them later.

Provide Information About Next of Kin


If possible, provide contact details for close family members who may not be aware they are listed as emergency contacts with financial institutions or other service providers where personal information must be provided to them upon request.



Consider Leaving a Letter of Instruction


A letter of instruction is typically left for family members to let them know what they can expect after you pass on, including how your assets are managed and any information that may help ease the transition into their new lives without you. 

Discussing with beneficiaries about who will inherit which accounts is important, so as to remove any confusion about where each account belongs once it comes time to transfer funds or close accounts.

Discuss With Your Legal Advisor the Best Options for You


Discussing your options with an estate planning attorney is important to ensure you have the right plan in place that suits your needs. Also, creating an accurate list of all physical and financial assets can help family members access accounts, transfer money, or claim property without issue after you pass on. 

Another option is to set up a trust where certain assets are transferred to the trustee, and it dictates who administers the afore-mentioned assets for the beneficiary.

It is important to prepare for the passing on of your unique legacy and assets. Whether you have dependents or not, it is important to be prepared for when tragedy strikes. You may be and feel young, but we never know when it is our time to move on.


Saturday, July 17, 2021

How Estate Planning Now Helps Your Finances in the Future

Even people who are otherwise financially savvy often make the mistake of putting off estate planning too long. By getting a plan in place early, though, you can make your own finances easier to manage in the future. 

Here are four ways in which estate planning now can help your future finances.

It Sets a Clear Road Map


Once you have your estate plan in place, you'll have a roadmap for much of the rest of your financial life. Assets that you plan to transfer to your heirs should remain untouched, while those set aside for your own expenses should be given priority when it's time to liquidate. 

Of course, you can still change your plan as you go. With a plan in place, though, you'll find that future financial decisions become more streamlined.

You'll Have the Peace of Knowing Your Heirs Are Provided For


All parents want to leave legacies for their children. The problem, though, is that trying to create inheritances without a plan in place can take up all of your time and produce poor results. 

With an estate plan, you'll have a working idea of what your heirs will receive when your estate is divided. This, in turn, will provide you with more peace of mind and a certainty that you've provided properly for your children and or grandchildren.

You'll Get Expert Input


When creating an estate plan, it's important to go to a good estate planning attorney. An attorney who specializes in estate law can help you maximize the tax benefits to your heirs and structure your estate sensibly. This professional will also help your heirs navigate the process of dividing your estate, ensuring that they won't have to figure it out alone.



It's a Great Opportunity to Re-evaluate Your Own Finances

One of the lesser known benefits of creating an estate plan is the opportunity it gives you to review and evaluate your personal financial choices. If you're living on far less than your retirement investments are generating, for example, now may be a good time to increase your own standard of living a bit to match your means. 

The process of estate planning can bring up holes or flaws in other aspects of your financial life, allowing you to correct them.

As you can see, creating an estate plan now is a great way to simplify your future finances. With a plan in place, you can rest easy knowing that both you and your heirs are provided for.



Friday, April 16, 2021

Thinking About Estate Planning? What You'll Need to Include in It



Your property, cash assets, and debts will all need to be settled after you pass away. To protect your loved ones, it's critically important that you have your information in order. This doesn't mean that you have to have a price tag on each item you own, but you will need a list of

  • real estate
  • collectibles
  • power tools
  • vehicles
  • account numbers to your investment accounts
  • phone numbers to account managers
  • insurance policies

Anything that can be thought of as an asset or a liability will need to be addressed upon your death, so try to get on top of this while you're healthy enough to get things organized.

Structure Is Key


What are you trying to fund and who do you want to help when you're gone? There are many different ways to pass on what you've accumulated over the course of your life. Connecting with an estate planning attorney early in the process can help to simplify things for those you leave behind.




If you want to put your remaining retirement monies in educational trusts for your grandchildren, set up the accounts before the money is available so it will flow through with minimum fees. 

For those who have a dependent who's special needs or will be collecting disability funds, a special needs trust will be needed. It's critically important that you get the structure set up before the money becomes available.

Simplify Where You Can


Consider what items you can easily pass on by listing the beneficiary as a partial owner. If you pre-decease your spouse, your belongings will generally go to them automatically, but if you are a single or a widow, you can reduce the burden on your beneficiaries by setting up payable-on-death arrangements to keep big ticket items out of probate.

Having a will doesn't protect your beneficiaries from having to go through probate; it actually makes probate a requirement. Tools such as a joint ownership deed on real estate and payable-on-death bank and retirement account structures will protect your loved ones from the time and legal hassles of funneling your estate through the courts.

You want your loved ones to think of you fondly, so do what you can now to protect them from having to deal with estate pressures on your death. Inventory what you have. 

Set up a list of bank accounts, retirement accounts, and insurance policies with contact phone numbers and passwords. Put this list in a very secure place and let your loved ones know where to find the information.


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