All About Estate Planning
Estate planning involves distributing your assets after death to such people or causes according to your wish with minimum legal complications and the least tax incidence. And estate planning is not just for the wealthy; nor is it something to be contemplated when you reach the ripe old age of eighty.
Anybody, regardless of age, with considerable assets and the desire to provide for loved ones even after death would be doing a great service by planning one’s estate. You shouldn’t wait until you’re old and grey to do this. An estate plan made during an illness affecting contracting capacity can be challenged, complicating matters for beneficiaries. You really should do this as soon as possible, because there’s no telling what might happen.
The first step in planning your estate is to take stock of all your material possessions (technically referred to as ‘estate’), and then determine their value. This can refer to house and land; cars, boats, planes, and bikes; cash; savings or pension accounts; stocks, bonds and deposits; insurance; employee benefits; jewelry, furniture, and art; ownerships rights/shares in businesses; and claims from others. Keep in mind that the list can also include your debts and obligations to others.
Next, line up the details of your beneficiaries names, addresses, and ages. You should also decide who is to be the guardian in case the beneficiaries are minors at that time. You should also make sure to identify the executor of the estate. It’s a good idea to line up the pre- and post-nuptial agreements, divorce decrees, previous wills, deeds of property, and tax returns before you consult with a professional estate planner.
Though small estates might be easy to plan, it is advisable to take the help of professional estate planners, including attorneys and CPAs, to explore all the possibilities to reduce tax incidence.
Keep in mind that estate planning is not a one-time affair. You have to review it in case you change your marital status, death of beneficiaries, a birth of a child, or if there are changes in the law.
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