Estate planning is an intervention that guarantees your wealth is in safe hands once you pass away. So, how do you conduct estate planning? Below is an extensive piece discussing the intricacies of estate planning.
Consolidate Your Assets
Your first estate planning task is to consolidate your assets. It is usual to own assets that are not in your name or acquire assets that your beneficiaries might not locate once you die. Therefore, ensure that all your assets are registered in your name. It would also be wise to dispose of depreciating assets that could be worthless over time. For instance, an old car in your garage could be irreparable within a few years. You should also secure paperwork to prove the value of antiques, paintings, and memorabilia in your possession. If you own online assets such as crypto and NFTs, make arrangements to ensure your investment is available to your beneficiaries. For example, you could store your crypto in a cold wallet.
Write A Will
Consult a wills and estate attorney to help you write your will. Although it is not a legal requirement, the professional brings immense value to the estate planning process. First, they ensure that your will meets your state's legal standards. For example, they ensure it does not contain contradicting clauses. The professional also makes sure the will is signed in the presence of two witnesses. The professional also has the expertise to create a watertight will.
Typically, they ensure the document does not have loopholes that could give beneficiaries and third parties leeway to contest the will. For instance, the lawyer could ask you to ensure all your direct beneficiaries and children get a share of your property. It does not have to be an equal share, but it prevents them from contesting the will because they are legally entitled to the estate. An explanation letter in the will prevents them from disputing the will on an inadequate provision claim.
Your financial circumstances are bound to change over time. For example, you might invest in commercial development or win the lottery. Alternatively, you could want to remove a deceased spouse or child from the will. The lawyer adjusts your will to reflect your current financial situation and wishes. Wills and estate lawyers can also keep custody of your will and produce it once you die. It prevents incidences of duplicate and false wills. The lawyer also explains the will's provisions to your family and provides advisory services to the named executor.
For more information, contact a firm like Neilson Stanton & Parkinson.Share
17 April 2023
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