Often, When And How Should You Start Estate Planning? g is the furthest thing from our minds as we go about our daily lives. Nevertheless, it is a critical step to ensure that your wishes are carried out and your loved ones are looked after.
When And How Should You Start Estate Planning?
If you own a home, property, bank accounts, or investments and do not have an estate plan in place, you’re leaving your family vulnerable. Without a properly executed estate plan, your loved ones could be left in a lengthy and expensive probate process or face the possibility of losing their assets through family disputes that end up in court.
Consider a Will and/or a Trust (also known as a Revocable Living Trust)
The most common type of estate plan is a Will, which outlines your wishes for how you want your assets distributed after your death. A Will also names a person, known as the executor, to carry out your wishes and pay off final debts.
Estate Planning 101: How to Protect Your Assets and Ensure Your Wishes are Honored
Another type of estate plan is a Trust, which names a trustee to manage your assets on behalf of your beneficiaries. A trust can help avoid the time and expense of probate by transferring your assets directly to beneficiaries.
There are many reasons to have an estate plan, but some of the most important include minimizing your tax liabilities, minimising costs and expenses, and providing for your loved ones after your passing. These are all goals that can be achieved by working with an experienced wealth advisor and/or estate planning attorney to put a plan in place.
Written by warnertv
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