Ready for estate planning? Everyone can benefit from estate planning, because estate planning is not just for the rich. While most of us don't feel like we have an estate that needs planning, we all have assets and property that we want passed to our family. Without estate planning of some sort, the items that we've accumulated over the years may not go to our family. The main benefit of estate planning is to ensure that our family gets the most of the properties that we own when we are gone.
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Estate planning can be a big complicated activity, but it can also be relatively simple. It's good to start by searching for some information online before getting lawyers or a law firm involved. While a law firm may provide an initial consultation for free, they will certainly charge for the real planning, and you will want that part of the business to go quickly. Having a firm grip on how the planning process should proceed and what assets you need to include in your estate planning will make it go as fast and smoothly as possible.
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One of the first steps in estate planning, therefore is to compile a list of all your "property". This includes real estate such as your home and any second home, but also any financial assets that you own. Take care to list all bank accounts, brokerage accounts, retirement funds, etc. When we die, a process called probate kicks in, and all assets and investment properties in a person's name will be determined. So, to make sure that your family gets the most out of the estate planning process, take care to include everything that you want to pass on to your family. This includes business assets as well, if you own a business. A law firm will certainly help you find all the items that can be included in your estate planning, but knowing them up front will help the planning move forward.
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A main focus of estate planning is the will, which designates who will receive each of the properties. This is the blueprint for the probate process, so you want a law firm to draw it up in order to make sure that the law is followed precisely. But this is not the only part of estate planning that needs to be done, as the financial properties that a person owns can be arranged in ways as to minimize the estate tax that is levied during the probate process. The law on federal estate taxes has been modified in recent years, and may be modified again. There are financial instruments called trusts which will minimize the estate taxes that need to be paid when the time comes, but these need planning. Thus, one of the most important aspects of estate planning is actually making a plan for how to put your financial properties into a form like a trust that will maximize the amount that is passed on to your family.
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This has been a brief overview of estate planning. There is clearly a lot more to it, which is one reason you will need to get a law firm involved at some point. But start with a little research, and the plan should go smoothly.
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A main focus of estate planning is the will, which designates who will receive each of the properties. This is the blueprint for the probate process, so you want a law firm.... Learn more at legal and estate planning attorney
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