Estate planning is an important way to protect your assets and your loved ones after your passing. It takes great knowledge to create the documents that include the right language and cover all the bases to ensure documentation of your wishes. As you dig into planning your estate, keep these four tips in mind.
Tip #1: Outline Your Wishes
It’s critical to put in writing what you want to happen. This must include information regarding healthcare and financial powers of attorney and a living will should you become incapacitated and unable to make decisions for yourself.
Tip #2: Create Guardianship
If you have minor children, guardianship is essential as part of the process. It will determine who takes care of your children when you can’t.
Tip #3: Consider Creating a Trust
A trust is a place for holding your funds and a way for distribution of those funds as you lay out in your plan. It outlines who gets what and when.
Tip #4: Don’t Overlook Tax Implications
If taxes are due from your estate, there is a limited amount of time to submit them. Be sure to consider any tax implications in how you manage the assets and the potential impact on your heirs.
Estate planning requires knowledge in document preparation, and a thorough understanding of the laws surrounding wills, taxes, and probate, to name a few. Before you try to manage the process on your own, talk to McCutchen McLean, LLC for qualified estate planning that can give you peace of mind now and in the long term.
