5 Tips For Estate Planning
Estate planning is essential regardless of the size of your estate. A smart estate plan will maximize your benefit, provide clear instructions and protect your loved ones from unnecessary challenges.
- Make a Will. Start by listing all of your assets, including possessions or property such as land, house, funds in the bank, motor vehicles and shares. Also, list your liabilities and determine your likely beneficiaries. It is crucial to have a valid Will to ensure that your wishes are carried out. Otherwise, the government will decide who inherits your assets.
- Speak with a financial advisor to create the most suitable investment portfolio for your assets to compliment your financial obligations and retirement needs.
- Minimize costs and estate taxes by exploring lifetime distribution or joint ownership of some assets during your life. Consult with your lawyer about the pros and cons of joint ownership of your property where the property automatically passes to the other owner. This may reduce the expenses to be incurred pursuant to a transfer of property upon death.
- Select responsible and qualified individuals to serve as executors and trustees for your estate. They will pay a critical role in ensuring that your estate is distributed according to your instructions and will pay any debts you may have.
- Consult with a lawyer who will guide you in the creation of Wills and Trusts and ensure that the plans for your estate are in accordance with the relevant laws and regulations of your jurisdiction. Make sure at least one family member is aware of the location of your Will or the name of your lawyer that may have a copy on file.
Contact us now at The Law Offices of Pearnel P. Charles II to discuss how we can start planning for your future.
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