The Estate Planning
The Importance of Professional Estate Planning
Creating an estate plan is an excellent way to protect your family and assets in the event of your untimely death. It can reduce the tax burden on your heirs and ensure your wishes are carried out. It also gives you peace of mind.
You can start an estate plan during your lifetime, but the best time to create one is before you die. The best way to do this is to make a complete inventory of your assets and tally up their fair market value. It may surprise you to learn how many assets you have.
You can choose to distribute your estate as you would wish, or you can have the government or a court decide how to divide your assets. Depending on your state of residence, you might have to pay estate taxes. The best approach is to consult a Two Spruce Law attorney to determine your options. Many packaged will-writing programs walk you through the process of writing a will. The packages usually take into account your state's unique requirements.
It's not uncommon for people to change their minds about who should receive their possessions after they pass. This can be a good reason to review your will every three to five years. In addition, it's a good idea to update your beneficiary designations as you grow older. If you are a parent of young children, you may want to designate a secondary beneficiary, if possible. It's always a good idea to have an estate plan even if you think you don't have enough assets to warrant the effort.