Estate Planning – When Should One Do It?

Posted On May 4 2017 by

Estate planning, in its modest terms, is the preparation for one's death or incapacitation. You should do it now, inconsiderate of your age or health. It is essential for each of us to recognise that substantial wealth or assets are not a determinant in determining the need for estate planning. You can also visit in order to hire the best estate planning attorney.

Unless your goal in life is to present the estate litigation attorneys with a living, I suggest you embark on your estate planning adventure today.

The basic ingredients of estate are: making a will, minimizing taxes by setting up trust accounts for beneficiaries, naming a guardian for living dependents, electing an executor to administer the terms of the will, assuring the proper beneficiaries are named on 401(k)'s, insurance policies and IRAs, establishing funeral arrangements, setting up a program of annual gifting to reduce the taxes on the estate and establishing an enduring power of attorney to direct other assets and investments.

As the list implies, accumulated wealth and assets take multiple forms. While you may not be flush with cash, there are separate things, more precious, that warrant to be cared for in the event of your passing or your incapacitation, chief among them, dependent children.

Naturally, the greater the value of the estate, the more complex planning becomes. You can also visit navigate over here so as to learn more about the estate planning and wills.

There are attorneys, in fact, entire law firms concentrating in estate planning, professional communities of estate planners, Trust Officers in the Trust Department of your local bank, financial planners with accreditation/certification in estate planning and accounting firms with accredited estate staff. Pick one!

There are many resources on the Internet that can be of value in assisting you to locate an estate planner in your area. Keep in mind that estate and probate law vary state to state, so prudence directs that you select an estate planner from your home state.

Last Updated on: May 4th, 2017 at 7:13 am, by

Written by Katherine K. Vaca

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