Estate planning is an important process that can help ensure your property is dealt with according to your wishes after you pass away. Many people believe estate planning is only for the wealthy, but that simply isn’t true. Everyone who owns any type of property should come up with an estate plan. The following are some ideas to help you start estate planning today.
As you get older you may wish to downsize to a smaller home or you may even want to spend time traveling the world. If you’re looking to get rid of some items that you no longer want or need, you should consider running an estate sale. Not only can this type of sale earn you some extra cash, it may also help you get rid of furniture, clothing, and household items you no longer need.
Related: Forney Storage | How to Hold an Estate Sale
Distribution of Property
It’s important to have a plan in place that distributes all your property as you see fit. Knowing the different kinds of estates and how to properly set them up can greatly assist you in this process. Research living trusts, asset protection, the negatives of probate and how to avoid it, death tax, spendthrift trusts, Qualifying Domestic Trusts (QDOTs), Medicaid Trusts, and more. It may seem like a lot of work to do all this research. However, proper research and setup now can save you or your loved ones immense frustration in the future. You can also speak with an expert to receive additional guidance if you feel overwhelmed with information and need some help.
Related: Beress & Zalkind | Trusts, Estates, and Probate
Other Important Considerations
If you have minor children, you should appoint a guardian for those children as well as a manager for their inheritance until they are of legal age. You should also consider putting a plan into place for yourself in case you become disabled and need long-term care. Consider life insurance as part of your estate-planning process so that your expenses are taken care of ahead of time.
Related: EstatePlanning.com | What is Estate Planning?
There are strategies of estate planning that can help reduce the taxes, legal fees, and court costs that can come from not being prepared. Your attorney can help you plan the distribution of your property in a way that best retains the value of the items you plan to pass on to loved ones. This is also essential if you’re a business owner as you will need a legal plan in place to put your business in the hands of trusted individuals once you’re gone.
Early estate planning allows you to have everything in order and gives you the opportunity to change your plans as needed in the future. It’s important to seek legal advice when writing your will and making other arrangements. By taking the necessary steps ahead of time, you can save money and reduce the stress on your loved ones after you’re gone.